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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