JMP Cuts Idenix (IDIX) to Market Underperform, Sets $4 Price Target

JMP Securities' Lisa Bayko downgraded shares of Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) from Market Perform to Market Underperform in a mid-day research note Monday. The analyst set a $4 price target.

The downgrade follows a nearly 40 percent surge in the stock Monday amid news of Bristol-Myers (NYSE: BMY) $2.5 billion bid for Inhibitex (Nasdaq: INHX). Elsewhere, shares of Achillion (Nasdaq: ACHN) are up more than 22 percent on the news.

With Idenix shares last trading at $9.73, Bayko's new price target implies potential downside of 59 percent.

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

---

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

---

You May Also Be Interested In

• Jefferies Downgrades Calix (CALX) to Hold
• Needham Downgrades HashiCorp Inc (HCP) to Hold
• Bristol-Myers Squibb (BMY) stock slips despite earnings beat