UPDATE: Deutsche Bank Downgrades Idenix Pharmaceuticals, Sees Increased Risk Around Nuke Development

In a report published on Thursday Deutsche Bank analyst, Alethia Young, Downgraded the rating for

from Buy to Hold and announced a new PT of $4. In the report Deutsche Bank noted, "Due to intense competitive pressures and lack of visibility from FDA, we are increasingly concerned about Idenix's nuke-based clinical program. We believe the crux of the matter is that the FDA is very risk adverse around new nuke development at this point. We are adjusting our base case to assume Idenix receives a royalty payment from JNJ rather than develops an in-house combo; new target price of $4 and a Hold rating." Idenix Pharmaceuticals closed on Thursday at $5.13