Wedbush Downgrades Idenix Pharmaceuticals Inc. (IDIX) to Neutral

January 30, 2013 7:15 AM EST
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Price: $24.50 --0%

Rating Summary:
    2 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Wedbush downgraded Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) from Outperform to Neutral with a price target of $6.00 (from $7.00).

The firm comments, "On Monday, Idenix announced a collaboration with JNJ for IDX719 (NS5A) to be paired with simeprevir (TMC435; PI) and TMC647055 (NNI) in Phase 2 studies, beginning this quarter, pending DDI work and regulatory approval. The collaboration is non-exclusive and Idenix is responsible for conducting the studies and the majority of expenses. The deal puts Idenix back in the clinic after the recent setbacks, but the longer-term outlook for an IDIX/JNJ combination is less clear given the competitive space and JNJ’s slate of existing collaborations with Vertex, and BMS. We think the higher priority for IDIX is to move IDX719 forward with its next-gen uridine nuc later this year, which has non-negligible safety and regulatory risks, in our view, given FDA’s skittishness around nucs. Investors may need to wait 8-12 months for better clarity on Idenix’s path forward in HCV."

For an analyst ratings summary and ratings history on Idenix Pharmaceuticals Inc. click here. For more ratings news on Idenix Pharmaceuticals Inc. click here.

Shares of Idenix Pharmaceuticals Inc. closed at $4.74 yesterday.

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