Brean Murray Raises Red Flag on Idenix (IDIX) After GS-7977 Data from Gilead

Shares of Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) are moving nearly 4 percent higher in pre-open trading Friday after the company announced that the FDA removed the partial clinical hold on its IDX184. However, one analyst thinks the stock should be moving in the opposition direction after some compelling information from a rival that put the company's Hep-C drug prospects in question.

Brean Murray Carret analyst Brain Skorney reiterated his Sell rating and $3 price target saying the profile of Gilead's (Nasdaq: GILD) GS-7977+RBV is too good for IDX184 to be viable.

Skorney noted the efficacy and timeline gap between GS-7977 and IDX184 seems to be increasing with each data slice.

"We believe there is adequate information out there already to give both regulators and physicians pause before accepting an IDX184 based on regimen as a potential substitute for a GS-7977 based regimen."

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 $13.19 yesterday.

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