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 hepatitis-C drug hopeful Idenix Pharmaceuticals
So what: First, Gilead Sciences
Now what: I fully understand that the dreaded patent cliff is becoming a reality for many of the largest pharmaceutical companies out there, but that's no reason for Tulipmania to take over. Just when I thought Gilead was taking a big gamble by purchasing Pharmasset, Bristol-Myers did its best yesterday to try and trump that move. Warren Buffett has always warned investors to be fearful when others are greedy, and this is a perfect example. I wouldn't buy into Idenix's buyout rumors here, and I am absolutely maintaining my underperform CAPScall on the stock.
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Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong. Motley Fool newsletter services have recommended buying shares of Gilead Sciences. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.