Goldman Thinks Vertex (VRTX) Overvalued, Maintains Sell

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Goldman Sachs today maintained a Sell rating on Vertex (NASDAQ: VRTX) with a price target of $38.00. Yesterday the company initiated a phase 3 trial on a cystic fibrosis program (combo of Kaly and VX-809) and provided some incremental Ph2 data for the combo.

Commenting on the news, analysts Terence Flynn said the combo trial design was roughly in line with expectations. He also said additional Ph2 combo data reinforced his cautious outlook.

"We continue to view the VX-661/Kaly Ph2 data as the more important catalyst for shares (we project in late April) and has low odds of success," warned the analyst.

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 $44.18 yesterday, with a 52 week range of $35.26-$66.10.

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