Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) Moves Up Sharply
Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) surged more than 18% during Tuesday’s session and marked fresh yearly high of $7.45 before closing at $6.82. Its previous 52 week high was of $5.92 and 52 week low is of $2.93. The stock traded with volume of 2.63 million shares, more than double its 3 months average volume of 1.20 million shares. Tuesday’s spike also helped the stock to bounce above the volatile price range of $4.41 and $5.77, mentioned Zacks Equity Research.
Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) primarily focuses on the research and development of therapies targeted at on the treatment of patients with hepatitis C virus. Among others, Olysio – developed by Johnson & Johnson (NYSE:JNJ) was the first such therapy to acquire approval. Earlier this month, sofosbuvir, to be marketed as Sovaldi from Gilead Sciences (NASDAQ:GILD) also gained approval from the United States Food and Drug Administration.
As a reminder, Idenix Pharmaceuticals Inc. filed two lawsuits against Gilead Sciences (NASDAQ: GILD) on December 2, 2013. The potential for royalty compensation out of these patent disputes could have boosted Idenix Pharmaceuticals’ stock price on Tuesday. Among other reasons, its strong pipeline and ongoing clinical hold of IDX20963 might also have favored sentiment driven gains for the stock.
The Patent Infringement
Among two patent infringement lawsuits against Gilead Sciences, Massachusetts lawsuit alleged infringement of two patents co-owned by Idenix Pharmaceuticals Inc. (NASDAQ:IDIX). The other infringement and interference lawsuit filed in the U.S. District Court in Wilmington, Delaware alleged infringement of a separate U.S. patent co-owned by Idenix Pharmaceuticals.
Senior Vice President of Idenix Pharmaceuticals, Maria Stahl affirmed, “While we have attempted to resolve this matter with Gilead without resorting to infringement litigation, we intend to diligently and vigorously protect our patent rights for the benefit of our company and our shareholders and prevent infringing use by others.”