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Aveo Pharmaceuticals stock surges

Aveo’s stock has been rising despite a lack of any specific news. Some see an “Idenix effect.”

Idenix Pharmaceuticals

Aveo’s stock has been rising despite a lack of any specific news. Some see an “Idenix effect.”

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Investors are looking closer at Aveo Pharmaceuticals Inc., in part because of the sale of Idenix Pharmaceuticals, the Boston Business Journal says. Aveo’s stock is up 37 percent since June 9 — the day Idenix said it would be bought for more than triple its market value by Merck & Co., the Journal noted. And there’s an Aveo- Idenix connection: A Boston hedge fund, Baupost Group, is the top shareholder of Idenix and the second-largest holder of Aveo stock. Aveo, said Forbes contributor Bryan Rich, has “big potential and billionaire believers.”

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