Brean Murray, Carret & Co. on Indenix: "INFORM-SVR Data Has Negative Implications for IDX184 – All-Oral Regimen" ($IDIX)

Idenix Pharmaceuticals, Inc. (IDIX) is engaged in the discovery and development of drugs for the treatment of human viral and other infectious diseases. Building on its expertise in nucleoside chemistry and other small molecule chemistry and biology, the company is well positioned to become a leader in antiviral pharmaceuticals. Idenix's current focus is on the treatment of hepatitis C virus (HCV) infections. The company has previously discovered and developed antivirals for the treatment of hepatitis B virus (HBV) and HIV/AIDS.

Brean Murray, Carret & Co. has released a report on Idenix, classifying it as "Sell" with a price target of $3. 

The report states, 

"Roche posted an unacceptable relapse rate for patients taking mericitabine + danoprevir + ritonavir + ribavirin  for 12 weeks. Even at 24 weeks, the SVR rate was only 41%. We view this as a very good surrogate for any oral combination that includes IDX184, as we view the clinical antiviral activity of 100 mg IDX184 and 1000 mg of merictabine as equivalent. We believe Idenix (IDIX, $9.85, Sell) will need to explore regimens with durations of greater than 12 weeks to be effective. Given that the company has yet to initiate preclinical tox work in excess of 12 weeks, we believe this could significantly delay clinical development and makes IDX184 substantially less attractive as a potential backbone therapy."

Read the full report here.