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Vertex (VRTX) Should Rebound Before Year-End - Analyst

December 19, 2013 10:23 AM EST Send to a Friend
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Price: $63.25 +1.30%

Rating Summary:
    19 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 32 | Down: 12 | New: 29
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Vertex (NASDAQ: VRTX) Thursday announced data from a Phase 3 study of ivacaftor in 69 people 6 years of age and older with cystic fibrosis (CF) who have the R117H mutation. While the study missed endpoints, Summer Street's Carol Werther sees positives for the stock.

"VRTX announced disappointing results with Kalydeco in CF patients with the R117H mutation. Although the primary endpoint was missed, the 18 and older subset met statistical significance in FEV1 change," said Werther.

"Kalydeco is approved and it is effective. It is easier to show a difference in older and sicker CF patients. VRTX will meet with the FDA to discuss the results. Patients with the R117H mutation that are 18 and older may be able to obtain reimbursement based on these data. R117H is the most common residual function mutation. In North America, Europe and Australia, approximately 1,100 people with CF ages 6 and older have at least one copy of an R117H mutation. In the United States, approximately 300 people have the R117H mutation and are 18 years of age or older. We view the R117H Kalydeco data as strong enough to win reimbursement in older patients given the clear drug effect. We are buyers VRTX on this weakness as the stock should rebound before year-end," she added.

Summer Street has a Neutral rating on Vertex

For an analyst ratings summary and ratings history on Vertex (NASDAQ: VRTX) click here. For more ratings news on Vertex click here.

Shares of Vertex closed at $68.63 yesterday.




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