Baird Downgrades Inhibitex (INHX) to Neutral; Sold to Bristol-Myers (NYSE: BMY) as Run on Hep C Continues

Baird downgraded Inhibitex (NASDAQ: INHX) to Neutral with a price target of $26.00.

Baird analyst says, "Would take sizable profits expected on announced acquisition by Bristol-Myers (NYSE: BMY).,,We view this deal favorably. We believe $26/share is fair but full, balancing recent positives for ‘189 and the potentially transformative value of a “nuke” in Hepatitis C against the risk still inherent here. We expect INHX to open within striking distance of $26 and would take profits. Following fast on the heels of GILD/VRUS this will, justifiably, amp up the HCV takeout thesis. The short list is down to ACHN(Outperform) and IDIX."

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

Shares of Inhibitex closed at $9.88 yesterday.

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