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Idenix Pharmaceuticals (IDIX) Initiated As 'Buy' By Deutsche Bank; PT $7

 November 28, 2012 01:49 PM

(By Balachander) Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) shares were initiated with a "Buy" rating and price target of $7 by Deutsche Bank (DB).

"We think current levels reflect a worst case (only royalties & no pipeline)," the bank wrote. "We see an upside case for a re-emerging HCV platform in early '13."

DB thinks IDIX is high risk due to lack of visibility, but also high reward over next 12 months.

The bank believes that IDX-184 has a good shot at getting off partial hold in early 2013 but with increased risk mgmt on guanosine program.

DB wrote that current shares reflect no value for pipeline. FDA nuke hold decision in early '13 is KEY & could get IDX-184 &IDX-368 back in clinic.

[Related -Stocks End Mixed Amid Fed Concerns; Idenix Pharmaceuticals Inc (IDIX) Tumbles]

The bank is of the view that announcement of a clinical collabo with another drug class represents ANOTHER upside catalyst in 1H13. DB said that investors may assign value upon collabo since it suggests increased likelihood of IDX-719 drug sales.

Cambridge, Massachusetts-based Idenix is engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases.

The stock, which has been trading in the 52-week range of $3.35 to $15.25, soared 14.38 percent to trade at $5.17 on Wednesday.

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