UPDATE: Deutsche Bank Initiates Coverage on Idenix Pharmaceuticals with Buy Rating, $7 PT

In a report published Wednesday, Deutsche Bank initiated coverage on Idenix Pharmaceuticals

with a Buy rating and $7.00 price target. Deutsche Bank noted, “We believe that the risk/reward on IDIX shares heading into 2013 is very favorable. The current share price does not reflect pipeline development, and we believe that we think that IDIX has various shots (with nukes, NS5A, or both) on goal that could lead to reemergence of HCV pipeline in next 12 mos. We think investors will assign more value over 2013. Our base case assumes a nuke/NS5A combo probability adjusted launching in 2016 and a low royalty in US from other nuke developers.” Idenix Pharmaceuticals closed on Tuesday at $4.52.