H.C. Wainwright Downgrades Vertex (VRTX) to Neutral

October 24, 2016 7:51 AM EDT
Get Alerts VRTX Hot Sheet
Price: $81.36 +0.56%

Rating Summary:
    24 Buy, 17 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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H.C. Wainwright downgraded Vertex (NASDAQ: VRTX) from Buy to Neutral with a price target of $85. Analyst Andrew Fein said fundamentals are "slipping."

"Unfortunately, despite the company’s reactive deal making in the last year (and despite our misplaced optimism), we believe that VRTX may have done too little too late in order to transform its early Kalydeco success into a multimodal CF hegemony. We have all seen VRTX once before lose everything in the HCV space, in our view, due to failure to adapt to change and stay competitive. While we are not saying that a collapse of similar proportions is likely in CF, we nonetheless suspect that VRTX is no longer well positioned to remain the leader of the pack in the future," said Fein.

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 $80.76 yesterday.

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