Baird Said Buy Vertex's (VRTX) On Competition-Related Weakness
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Robert W. Baird analyst Thomas Russo commented on Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) following this morning's weakness (-11%) due to positive data from competitor Schering-Plough's (NYSE: SGP) boceprevir. Russo said they would be buyers on today's weakness, saying they already accounted for the competition in their model. He also said, "VRTX remains alone in demonstrating a benefit in previous HCV treatment-failures."
The firm has an Outperform rating and $43 price target on Vertex Pharmaceuticals. With shares down 11% to $29.12 this AM, this leaves 47% upside to Russo's price target.
Vertex Pharmaceuticals Incorporated engages in the discovery, development, and commercialization of small molecule drugs for the treatment of serious diseases worldwide.
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