Deutsche Bank Downgrades Idenix Pharmaceuticals Inc. (IDIX) to Hold

June 21, 2013 7:24 AM EDT
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Price: $24.50 --0%

Rating Summary:
    2 Buy, 14 Hold, 1 Sell

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Deutsche Bank downgraded Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) from Buy to Hold with a price target of $4.00 after the FDA requesting additional preclinical safety information for IDX20963, Idenix's lead uridine nucleotide prodrug candidate

"Due to intense competitive pressures and lack of visibility from FDA, we are
increasingly concerned about Idenix's nuke-based clinical program," analyst Alethia Young said. "We believe the crux of the matter is that the FDA is very risk adverse around new nuke development at this point."

The firm is adjusting their base case to assume Idenix receives a royalty payment from JNJ rather than develops an in-house combo.

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 $5.13 yesterday.

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