UPDATE: Bank of America Merrill Lynch Increases PO on Idenix Pharmaceuticals to $9

Bank of America Merrill Lynch is out with its report today on Idenix Pharmaceuticals IDIX, increasing its PO from $6 to $9. In a note to clients, Bank of America Merrill Lynch writes, "We are increasing our PO from $6 to $9 for IDIX ahead of an important binary event in 4Q (est. Nov), key initial safety data for IDIX's HCV nucleoside inhibitor IDX184. We believe that clean safety from this next event is priced in at current levels, but that the ~7.5x higher EV for VRUS combined with a growing enthusiasm for relatively scarce HCV nucleosides leaves upside potential for IDIX." Shares of IDIX closed Monday at $6.96.