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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of biotech firm Idenix Pharmaceuticals (Nasdaq: IDIX ) jumped as much as 11.9% on higher-than-average trading volume.
So what: Bristol-Myers Squibb (NYSE: BMY ) and Johnson & Johnson (NYSE: JNJ ) just partnered up to study a two-company drug cocktail to treat chronic hepatitis C. The giants hope to find an effective hep-C treatment that doesn't rely on interferons and other injections with severe side effects -- and Idenix's IDX184 happens to target exactly that market.
Now what: Already in phase 2b FDA trials, IDX184 is Idenix's greatest hope for a future blockbuster at the moment. The oral drug is designed to enhance the efficiency of other medications, which is why the stock jumped on today's news -- Idenix doesn't have a big-name partner for the endgame yet and might end up arm-in-arm with J&J or Bristol-Myers. The firm is no stranger to big-name collaborations, having licensed hepatitis B medication Tyzeka to Novartis (NYSE: NVS ) for worldwide marketing.
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