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Idenix Pharmaceuticals (NASDAQ:IDIX)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a report issued on Tuesday. They currently have a $5.00 price objective on the stock, down from their previous price objective of $24.50. Morgan Stanley’s price target would indicate a potential downside of 78.98% from the company’s current price.

The analysts wrote, “We are increasing our price target to $24.50 in light of Merck’s announced bid for Idenix at $24.50/share. We do not expect other bidders for this company or any data to cause the deal to not happen…We are Equal-weight IDIX and have a $24.50 price target, which is driven by Merck’s announced acquisition price for Idenix. We do not expect other bidders for Idenix.”

Idenix Pharmaceuticals (NASDAQ:IDIX) traded down 0.46% during mid-day trading on Tuesday, hitting $23.68. The stock had a trading volume of 4,144,885 shares. Idenix Pharmaceuticals has a 52-week low of $2.93 and a 52-week high of $24.21. The stock’s 50-day moving average is $6.4 and its 200-day moving average is $6.39. The company’s market cap is $3.572 billion.

Idenix Pharmaceuticals (NASDAQ:IDIX) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by $0.05. On average, analysts predict that Idenix Pharmaceuticals will post $-0.88 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at JMP Securities upgraded shares of Idenix Pharmaceuticals to a “market perform” rating in a research note on Monday. Analysts at Robert W. Baird upgraded shares of Idenix Pharmaceuticals from a “neutral” rating to an “outperform” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $4.67.

Idenix Pharmaceuticals, Inc (NASDAQ:IDIX) is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases with operations in the United States and France.

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