Brean Murray Carret & Co. Starts Idenix Pharmaceuticals Inc. (IDIX) at Sell, $3 Price Target

Brean Murray Carret & Co. initiates coverage on shares of Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) with a Sell rating and $3 price target.

The company has a number of assets in preclinical development, but all of the its valuation is based off the nucleotide analog IDX184.

The firm believes that nukes will become the backbone for hepatitis C therapy give the high barrier to viral resistance and pan-genotype activity. It notes that, "data from the other classes indicate the rapid emergence of resistance highlighting what we see as a need for a drug barrier in order to eliminate pegylated interferon and ribavirin from the equation."

Even with nukes making it successful in Phase 2 development, Brean Murray Carret feels that Pharmasset's success has restored interest in the class.

For more ratings news on Idenix Pharmaceuticals Inc. click here and for the rating history of Idenix Pharmaceuticals Inc. click here.

Shares of Idenix Pharmaceuticals Inc. closed at $4.60 yesterday.

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