Tallahassee, FL 11/7/11 (StreetBeat) --Shares of Inhibitex Inc. (Nasdaq; INHX) continued to climb Monday in premarket trading as analysts touted the potential of its possible treatment for Hepatitis C.The drug developer on Friday had said that early study data showed that a 200-milligram dose of its drug, called INX-189, did well in reducing the virus in patients. The treatment was well tolerated, with no serious side effects, when given to patients with a certain form of chronic hepatitis who have not been treated. The drug was administered for seven days.
Shares had more than doubled on Friday, and added nearly 14 percent, or $1.17, to $9.71 on Monday before markets opened.
The drug showed impressive potency when delivered at a higher dose, and that plus the lack of safety issues so far puts the potential treatment "in a league with the big boys," said Baird analyst Thomas J. Russo in a research note. He raised his price target on the stock to $12 from $6.
Canaccord analyst George Farmer, in a separate note, raised his price target on the stock to $15 from $7 based on the increasing likelihood of INX-189 becoming a successful treatment of all hepatitis C genotypic variants.
Inhibitex, which is based in, Alpharetta, Ga., focuses on developing treatments for viral infections and does not have any products on the market. Hepatitis C is expected to become a larger public health problem as baby boomers get older.
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