Thomas Weisel Analyst Rates Idenix 'Overweight'

NEW YORK (AP) — Idenix Pharmaceuticals Inc. received a positive rating from a Thomas Weisel Partners analyst Friday, based on the company's hepatitis C treatment program.

Thomas Weisel analyst Stephen Willey gave the stock an "Overweight" rating and expects shares to reach $8 over the next 12 months as it pushes ahead with development of IDX184 for hepatitis C. He said a recent deal for the HIV treatment candidate IDX899 with GlaxoSmithKline, that is worth about $450 million, will give the company some financial flexibility in the coming years.

Both the hepatitis C and HIV drug candidates are part of the same class of new drugs called nucleoside inhibitors, or NI's, which have the potential to become potent antivirals with fewer toxic side effects, Willey said.

"Idenix is the only small cap (company) with access to clinical and preclinical pipeline candidates from all three primary antiviral classes in hepatitis C," he said, in a note to investors. "This makes the company a potential target for one of the many larger players looking to establish a control premium within the hepatitis C space through the consolidation of antiviral assets."