Baird Downgrades Pharmasset (VRUS) to Neutral; Sticking with INHX on Derivative Weakness
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Rating Summary:
3 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
Rating Summary:
3 Buy, 10 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
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Baird downgraded Pharmasset (NASDAQ: VRUS) to Neutral with a price target of $137.00.
Baird analyst says, "Moving to the sidelines on VRUS, sticking with INHX on derivative weakness. For VRUS, we absolutely agree liver abnormalities in the '7977/'938 combo will not be attributed to '7977 or derail the acquisition by GILD. It is, however, an important reminder of the risk (here, low probability but high impact) inherent in any new DAA combination. For INHX, we are not willing to damn an entire class but note the key de-risking requirement remains safety, where key updates come Q1-12."
"Inhibitex (Nasdaq: INHX): We'd Stick With It. INX-189 is a guanosine nucleotide like VRUS's '938 (and IDX-184 for that matter), not a uracil like '7977, so this will exacerbate the pre-existing overhang on safety. Based on what's known, we are not willing to damn the entire class. INHX has rocketed these past two months on very impressive potency, leaving safety as, indeed, the key de-risking requirement. The current Phase 2 trial with '189 in combination with PEG/RBV, in G2/3 patients, likely has its first 25-100mg patients now getting to the full 12-weeks. We expect the next update meaningful to this conversation--interim, top-line 4-week results--before mid-Q1-12, and then the key 12-week update ~late-Q1-12/early-Q2-12."
For an analyst ratings summary and ratings history on Pharmasset click here. For more ratings news on Pharmasset click here.
Shares of Pharmasset closed at $127.79 yesterday.
Baird analyst says, "Moving to the sidelines on VRUS, sticking with INHX on derivative weakness. For VRUS, we absolutely agree liver abnormalities in the '7977/'938 combo will not be attributed to '7977 or derail the acquisition by GILD. It is, however, an important reminder of the risk (here, low probability but high impact) inherent in any new DAA combination. For INHX, we are not willing to damn an entire class but note the key de-risking requirement remains safety, where key updates come Q1-12."
"Inhibitex (Nasdaq: INHX): We'd Stick With It. INX-189 is a guanosine nucleotide like VRUS's '938 (and IDX-184 for that matter), not a uracil like '7977, so this will exacerbate the pre-existing overhang on safety. Based on what's known, we are not willing to damn the entire class. INHX has rocketed these past two months on very impressive potency, leaving safety as, indeed, the key de-risking requirement. The current Phase 2 trial with '189 in combination with PEG/RBV, in G2/3 patients, likely has its first 25-100mg patients now getting to the full 12-weeks. We expect the next update meaningful to this conversation--interim, top-line 4-week results--before mid-Q1-12, and then the key 12-week update ~late-Q1-12/early-Q2-12."
For an analyst ratings summary and ratings history on Pharmasset click here. For more ratings news on Pharmasset click here.
Shares of Pharmasset closed at $127.79 yesterday.
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