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 biotechnology company Idenix Pharmaceuticals
So what: Brean Murray Corrat analyst Brian Skorney noted, in response to Roche's comments that it was experiencing unacceptable relapse rates for patients on multiple treatment combinations, that Idenix's IDX-184 may need to be used in regimens lasting longer than 12 weeks. This could be a significant setback in that it delays Idenix's clinical studies and makes it a far less attractive combination drug than its peers.
Now what: I'm personally not surprised by today's drop one bit. I've often compared the mergers in the hepatitis-C sector to tulip mania, and speculators who are betting on Idenix getting purchased may have just barked up the wrong tree. Bristol-Myers Squibb
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