UPDATE: Bank of America Downgrades Idenix Pharmaceuticals to Neutral on Regulatory Hurdles
Bank of America lowered its rating on Idenix Pharmaceuticals (NASDAQ: IDIX) from Buy to Neutral and reduced its price objective from $8 to $6.
Bank of America commented, "We are downgrading IDIX shares from Buy to Neutral based on a series of recent conversations, with mgmt as well as industry & academic experts at recent conferences (ICAAC Sep 9-12, and EASL-AASLD HCV Special Conf Sep 14-16), that left us with limited hope that IDIX will convince the FDA to allow further clinical testing of HCV nuc drug candidates with a “G” base."
Idenix Pharmaceuticals closed at $5.64 on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Bank of America