Baird Upgrades Idenix Pharmaceuticals (IDIX) to Neutral on Takeover

Baird upgraded Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) from Underperform to Neutral with a price target of $24.00 (from $3.00).

Analyst Brian Skorney comments, "Merck's $3.85 billion bid for Idenix (a 230%+ premium) is, on the surface, an acquisition of an early stage set of Hep C assets. We believe this acquisition has as much to do with the ongoing patent suits both companies have (separately) versus Gilead and their consolidation as it does with Idenix's drug candidates

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 $7.23 yesterday.

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