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April 27, 2006 Stock Pick: Inhibitex, Inc. (INHX)

Stock Price: $2.00

Inhibitex, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of antibody-based products for the prevention and treatment of serious, life-threatening infections. The company's drug development programs are based on its proprietary MSCRAMM® protein platform.

INHX recently gapped down from $7.31 to $3.05 and has since settled at the $2.00 level. The company's main drug candidate Veronate® failed to meet its primary endpoint in its Phase III clinical trial and the stock fell through. Inhibitex organized an outside panel to review all findings related to the Veronate program. They have also announced their intention to cut 42 percent of their staff over the next several months.

The company's plans for its other drug candidate, Aurexis®, remain unchanged. A multi-dose safety and pharmacokinetic study is expected to be initiated on Aurexis® in patients with S. aureus bloodstream infections.

INHX has $87.13 million in cash and short term investments on the balance sheet. INHX's cash value per share is $2.88.

Wall Street has punished INHX too severely. We see INHX rebounding similar to our CNVX. CNVX gapped down, leveled out and then increased 138% above our stock pick price.

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