Brean Murray Carret & Co. Maintains a 'Sell' on Idenix Pharmaceuticals (IDIX); GSK Termination of HIV License is a Non-Event

Brean Murray Carret & Co. maintains a 'Sell' on Idenix Pharmaceuticals (NASDAQ: IDIX) price target of $3.00.

Brean analyst says, "GlaxoSmithKline's (NYSE: GSK) decision to terminate the license of IDIX discovered NNTRI in development should be no surprise given the FDA clinical hold put on the Phase 2 program following a number of seizures occuring in patients on therapy. We were already giving Idenix zero value for this program and believe GSK's decision essentially ends any further development of this drug. We believe that this will result in the recognition of approx. $36.7 million in deferred revenue in Q4 associated with the prior cash payments associated with this license and are adjusting our model to reflect this accounting impact. We believe this news has no fundamental impact on IDIX, but we continue to believe the shares are overvalued given the inferior profile of the lead Hep C program, IDX 184, compared to other antivirals at the same stage of development of this program."

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

Shares of Idenix Pharmaceuticals closed at $8.10 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• DA Davidson Starts Everus (ECG) at Buy
• Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group