Jefferies Reiterates Buy on Vertex Pharma (VRTX) Following Investor Event
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Jefferies reiterated a Buy rating and $102.00 price target on Vertex Pharma (NASDAQ: VRTX) following an investor event. Jefferies thought VRTX made a good argument for the viability of their next-gen correctors despite some questions raised about their safety profiles. They pointed out that while the teratogenicity with '440 is not ideal, they are already seeing high interest among KOLs in testing the agent given its disease-modifying promise in CF. VRTX also clarified that the use of a 2-week dosing period for the '152 ph.II study does not relate to any tox concerns that would prevent them from dosing longer, and instead is because a shorter study will enable them to more quickly optimize the dose.
Analyst Brian Abrahams commented, "At their investor event at NACF this evening, which we attended, we believe VRTX made a strong case for the viability and promise of their next-gen correctors '440 and '152-- we believe helping reduce outstanding concerns about their profiles coming out of the earnings call earlier this week. We expect the stock to rebound somewhat and with our view shares approaching levels that bake in virtually no value for a 3x combo, we see compelling upside/ downside."
Shares of Vertex closed at $75.84 yesterday.
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