NEW YORK -- An Oppenheimer analyst boosted his investment rating on Idenix Pharmaceuticals Inc. Friday, citing the market potential for the biotechnology company's hepatitis C treatments.
Oppenheimer analyst Dr. Brian Abrahams upgraded shares to "Outperform" from "Perform" and issued a $7 price target on the stock.
The company's developing hepatitis C drugs include IDX-184 and IDX-320. Hepatitis C is an infection that damages the liver.
"With IDX-184 appearing more impressive, the rest of the hepatitis C pipeline nearing proof-of-concept, and a growing emphasis in the space on STAT-C combos, we believe Idenix is poised to derive greater value from its broad hepatitis C development approach," he said in a note to investors.
He said IDX-184 appears more promising and expects additional midstage study data to confirm its potential. In April, the company said a 100-milligram dose of the drug prompted antiviral activity after 14 days of treatment in patients during a midstage study. The company had previously reported positive results from patients taking a 50-milligram dose of the drug and said it will move ahead with dosing on a 150-milligram version of the drug.
Abrahams said additional positive data from 150-milligram and 200-milligram doses during the second half of 2010 should further strengthen the drug candidate's profile.
Meanwhile, he said, the company's pipeline is maturing, with multiple chances at approval for a hepatitis C drug. He cited potential hepatitis C drugs IDX-320 and IDX-375, which are in the early stages of development.
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