Oppenheimer Comments On Idenix Pharmaceuticals 1Q11 Results

In a report published by Oppenheimer, Idenix Pharmaceuticals IDIX IDIX reported 1Q11 results. Oppenheimer said that the company remains on track to initiate a 12-week ph.IIb study evaluating IDX184 with PEG/RBV in 2H11. “Based on ph.IIa results, we see a good probability '184 will show competitive efficacy, but safety remains a question. Although interim analyses of the ph.IIb trial are planned for 2H11, we believe full, 12-week safety data, expected in early '12, will likely be necessary to finalize a significant '184 development deal. Based on few '184 data catalysts, and the risk of a further delay or termination of GSK2248761, we see limited near-term upside in IDIX. Longer term, we believe the stock could be attractive, based on '184's potential strategic fit into coming STAT-C HCV combos. ” Idenix Pharmaceuticals closed yesterday at $4.84.