Why Idenix Pharmaceuticals Popped
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 Idenix Pharmaceuticals (NAS: IDIX) have popped today by upwards of 18% after the company reported positive trial data on its hepatitis C drug.
So what: Idenix said a mid-stage trial of its drug candidates IDX184 and IDX719 saw positive results in 89% of patients that completed 12-week treatments. CEO Ron Renaud said that the company is looking forward to initiating interferon-free DAA combination studies in the near term.
Now what: The hepatitis C drug market is huge, so it's not surprising when good news like this boosts the company as much as it has. The market is expected to grow to $15 billion by 2019, which is largely why companies looking to get in on the ground floor have fared relatively well in recent times. If Idenix can grab just a piece of that pie, it will be just fine.
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The article Why Idenix Pharmaceuticals Popped originally appeared on Fool.com.Fool contributorEvan Niuholds no position in any company mentioned.Click hereto see his holdings and a short bio. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.