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Canaccord Genuity Maintains a 'Hold' on Vertex (VRTX); Cutting Incivek Estimates

February 3, 2012 9:56 AM EST Send to a Friend
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Price: $64.17 -0.34%

Rating Summary:
    19 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 9 | New: 22
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Canaccord Genuity maintains a 'Hold' on Vertex (NASDAQ: VRTX) price target of $34.00.

Analyst, George Farmer, said, "Recent stock momentum in the face of Incivek pressures may, in our view, be attributed to perception of asset diversification value from Kalydeco approval and removal of an Incivek sales guidance overhang. Beyond Kalydeco, we do not believe VRTX’s CF program will drive meaningful upside to shares unless positive VX-809 Phase II data emerges, possibly mid-year. Lackluster prior Phase II data significantly handicaps this outcome, in our view."

"Maintaining our thesis of 2015 drop-off in Incivek sales upon emergence of the nuc prodrug class into the HCV market, we now further subdue our 2012, 2013, and 2014 estimates to $1.65B, $1.74B, and $1.78B from $2.46B, $2.62B, and $2.89B, reflecting nominal growth from management’s 2012 assumptions."

For an analyst ratings summary and ratings history on Vertex click here. For more ratings news on Vertex click here.

Shares of Vertex closed at $38.38 yesterday.




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lackluster phase II trial data
gary on 2012-02-03 16:45:36
Mark as Spam | Reply to this comment

I'm just wondering were you got your information on lackluster phase two data in regards to congoing clinical trials concerning a combination of 770 and 809 in those with the 508 mutation. I'm not saying your wrong, but few reports i have read indicate promising results.


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