UPDATE: Morgan Stanley Reiterates On Idenix Pharmaceuticals Due To Likely Merck Acquisition

In a report published Tuesday, Morgan Stanley analyst David Friedman reiterated an Equal-Weight rating on Idenix Pharmaceuticals (NASDAQ: IDIX), and raised the price target from $5.00 to $24.50.

In the report, Morgan Stanley noted, “We are increasing our price target to $24.50 in light of Merck's announced bid for Idenix at $24.50/share. We do not expect other bidders for this company or any data to cause the deal to not happen...We are Equal-weight IDIX and have a $24.50 price target, which is driven by Merck's announced acquisition price for Idenix. We do not expect other bidders for Idenix.”

Idenix Pharmaceuticals closed on Monday at $23.80.