Market Overview

UPDATE: Wedbush Lowers PT to $9 on Idenix Pharmaceuticals; IDX184 on Clinical Hold

Related IDIX
Biotech ETFs Hitting New Highs On Takeover News (FBT, PBE, ITMN)
UPDATE: Deutsche Bank Initiates Coverage On Merck
Stocks Poised to Slip from Record Highs (Fox Business)

Wedbush reiterated its Outperform rating on Idenix Pharmaceuticals (NASDAQ: IDIX) but lowered its price target from $14 to $9.

Wedbush commented, "We are adjusting our model to reflect several recent events for Idenix: (1) Novartis agreement restructuring; (2) $150MM financing; (3) Bristol-Myers' nuc (BMS-094) setback and (4) subsequent clinical hold on IDX184. The net result is our new fair value of $9. We maintain our OUTPERFORM rating due to the favorable risk/reward profile with shares now trading below $6. Moreover, we still see significant upside upon positive Phase II combination data and believe the added risks are already reflected in the current share price."

Idenix Pharmaceuticals closed at $5.90 on Friday.

Posted-In: WedbushAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (IDIX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional