Shares of Inhibitex Inc. (Nasdaq:INHX) have continued to climb quietly during the last few sessions. We told our premium subscribers about the trend last week and shares climbed over 6%, despite the fact that we over-reported the number of outstanding shares.
Below, some of the information which has now been updated.
Smart money seems to like Inhibitex. Currently, institutions own 63.20% of the firm's 78.3M shares out with the fully diluted number at only 96.4M. Trading value has been higher than average by approximately 300% during the last two sessions as shares continue to trade -43.40% from their 52-Wk High of $ 5.23.
Late last month, there was a big insider sale totaling over 233K shares sold at average price of $2.99 that may have helped spook some investors. Now, as the stock has battled back, there are still roughly over 2 million shares short and pressure to cover is mounting as bulls continue to push the stock price higher.
Inhibitex's pipeline addresses significant viral and bacterial infections, including herpes zoster (shingles), chronic hepatitis C, and S. aureus infections. The company's product pipeline includes: FV-100, a bicyclic nucleoside analogue in development for the treatment of herpes zoster (shingles), Aurexis®, a humanized monoclonal antibody with a high affinity and specificity to clumping factor A (ClfA), which is expressed by virtually all strains of S. aureus and INX-189, indicated for Hepatitis C.
In mid September, the company announced that it had commenced dosing in a 90-patient randomized, placebo controlled, Phase 2 clinical trial to evaluate the safety, tolerability and antiviral activity of INX-189 in combination with pegylated interferon and ribavirin in chronic HCV-infected genotype 2 and 3 treatment naïve patients.Patients in the INX-189 containing treatment arms that achieve an extended rapid viral response, or eRVR, defined as having HCV RNA below the level of detection after 28 days and 12 weeks of dosing, will stop all therapy after 12 weeks. Those patients who do not achieve an eRVR will continue receiving pegylated interferon and ribavirin for 12 additional weeks. Results are expected in sometime in the first quarter of 2012.
The Company also announced the initiation of an additional clinical trial of INX-189 designed to evaluate higher doses of INX-189 administered as monotherapy or in combination with ribavirin for seven days. The first cohort in this expanded Phase 1b trial will receive 200 mg INX-189 once daily as monotherapy. Other planned cohorts include 100 mg INX-189 twice daily as monotherapy, 100 mg INX-189 once daily in combination with ribavirin, and possibly higher monotherapy doses of INX-189. Each treatment cohort in the trial will include 10 patients, eight of which will receive INX-189 and two of which will receive placebo.
From a technical analysis standpoint, there are several indicators that show strength in the chart, but there is some resistance at the $3.09 with the next biggest point of price resistance at the $3.35 level and some newly established minor support at $2.90.
The Company anticipates that their existing cash, cash equivalents, short-term and long-term investments on hand, along with the anticipated proceeds from our existing license and collaboration agreements, will enable them to operate for a period of at least 18 months from June 30, 2011. For the six months ended June 30, 2011, cash, cash equivalents and investments increased by $38.4 million, from $19.6 million to $58.0 million. This increase was primarily the result of net cash received from a public offering offset by cash used for operating activities and, to a lesser extent, the repayment of capital lease obligations and notes payable.
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