ThinkEquity Partners cut its investment recommendation on Idenix Pharmaceuticals (IDIX ) to sell from accumulate, citing lack of conviction in the company's products.
Analyst Andrew McDonald said he doesn't think Idenix's drugs are going to sell and will be of no benefit to humanity. He says investors know that he has deep domain expertise in hepatitis C, so he's not surprised to see downgrade pressure in the stock price this morning. He says lots of people have questioned the performance of hepatitis drugs, but they'd been in Idenix's stock due to the expected $525 million opt-in from Novartis (NVS ). He says that a secondary offering/financing ahead of this opt-in causes him grave concern. He cut his price target on the stock to $17.