UPDATE: Wedbush Downgrades Idenix Pharmaceuticals to Neutral on Long-Term Clarity

Wedbush downgraded Idenix Pharmaceuticals IDIX from Outperform to Neutral and lowered the price target from $7.00 to $6.00. Wedbush noted, "On Monday, Idenix announced a collaboration with JNJ for IDX719 (NS5A) to be paired with simeprevir (TMC435; PI) and TMC647055 (NNI) in Phase 2 studies, beginning this quarter, pending DDI work and regulatory approval. The collaboration is non-exclusive and Idenix is responsible for conducting the studies and the majority of expenses. The deal puts Idenix back in the clinic after the recent setbacks, but the longer-term outlook for an IDIX/JNJ combination is less clear given the competitive space and JNJ's slate of existing collaborations with Vertex, and BMS." Idenix Pharmaceuticals closed at $4.74 on Tuesday.