Piper Jaffray Calls Vertex Pharmaceuticals (VRTX) A Top Pick for '09
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Piper Jaffray reiterates their Buy rating on Vertex Pharmaceuticals (NASDAQ: VRTX). In addition, Piper Jaffray maintains their $43 price target and VRTX remains on the Alpha List. The firm called the stock a Top Pick for 2009.
The firm said, "We believe Vertex is one of the few biotech companies that can deliver a true blockbuster drug in the next few years. Telaprevir dosing in Phase III ADVANCE study should complete in January, clearing an important safety hurdle. We expect VRTX shares to appreciate significantly ahead of Phase III data, expected in mid'10."
In addition, the firm said, "With the ADVANCE trial fully enrolled, we expect Phase III data in 2Q:10 and approval by mid-2011. We project Vertex can rapidly achieve blockbuster U.S. Telaprevir sales of $3.5 million in 2012 and $4.2 billion in 2013."
Vertex Pharmaceuticals is engaged in discovering, developing, and commercializing small molecule drugs.
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