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

Wedbush reiterated its Outperform rating on Idenix Pharmaceuticals

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.