Shares of Idenix Pharmaceuticals (IDIX) surged nearly 17% in pre-market trading on Monday. However, investor passion for the stock cooled somewhat after trading started, and IDIX stock rose just 2% in the morning session.
The pre-market spike in IDIX shares came despite a lack of any important news concerning IDIX, which uses nucleoside chemistry and small molecule chemistry to pursue treatments for viral and other infectious diseases, especially hepatitis C. IDIX also says it has developed antiviral drugs designed to combate hepatitis B and HIV/AIDS.
According to Seeking Alpha, 175 mutual funds currently own IDIX stock. However, that’s less than the 198 mutual funds that owned IDIX stock a year ago. Eight analysts have rated IDIX stock as a “Hold,” while three rate it a “Buy” and two rate it as “Underperform.” At least one analyst has rated the stock at “Sell.’
Wall Street is looking for IDIX to produce 2014 revenue of $1.5 million. That is expected to jump to $7.7 million in 2015.
IDIX stock closed at $6.63 a share on Friday. Over the past 12 months, IDIX stock has gained more than 40%.