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Deutsche Bank Starts Idenix Pharmaceuticals Inc. (IDIX) at Buy

November 28, 2012 6:49 AM EST Send to a Friend
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Price: $24.50 --0%

Rating Summary:
    2 Buy, 14 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 8 | New: 0
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Deutsche Bank initiates Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) with a Buy rating and price target of $7.00, citing favorable risk/reward.

"We think current levels reflect a worst case (only royalties & no pipeline)," the analyst comments. "We see an upside case for a re-emerging HCV platform in early '13. We think IDIX is high risk due to lack of visibility, but also high reward over next 12 mos."

"Our review of the in vitro data suggests that IDIX & BMS nukes differ significantly. 5 differences: 1) pro-drug structure 2) liver targeting 3) different PK/PD 4) off target cell activity 5) by-products."

The firm sees IDIX FVs of $7-9/sh if IDX-184 comes off hold. In addition the think the announcement of a clinical collabo with another drug class represents another upside catalyst in 1H13

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 $4.52 yesterday.




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