UPDATE: McNicoll Lewis & Vlak Downgrades Inhibitex to Hold

McNicoll Lewis & Vlak lowers it rating on Inhibitex (NASDAQ: INHX) to Hold from Buy and maintains its $26 price target as Bristol Myers Squibb's (NYSE: BMY) tender offer for Inhibitex begins today at $26 per share.

In the report, McNicoll Lewis & Vlak writes, "As the tender offer begins, we see limited upside potential (~5%) in INHX shares from this current level (intraday $24.76). The impressive $2.5Bil aggregate purchase price reflects a competitive bidding process, in our view."

Shares of Inhibitex are currently trading at $24.70, up 0.54% from yesterday's close.