Vertex (VRTX) Summer Orkambi Slowdown Impact Should Be Elimited by Q4 - Leerink
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Leerink Partners analyst Geoffrey Porges weighed in on Vertex (NASDAQ: VRTX) following comments from the CFO that "…when we look at Q3, one thing we are seeing in the US is a slowdown in refills in the July and August timeframe."
Porges notes slowdown was mentioned as unanticipated, but importantly "patients are [still] reinitiating or getting their refill later and we have been able to track patient to patient to see that. So it’s not discontinuations."
He also notes that the CFO reaffirmed guidance that Orkambi is experiencing 70%-80% persistence and compliance rates in the US.
Porges said the summer Okambi slowdown could impact 3Q US Orkambi sales by up to 15% and EPS by up to 50%, but the impact should be eliminated by 4Q.
The firm maintained an Outperform and price target of $113 on VRTX.
Shares of Vertex closed at $95.27 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stifel Positive on Vertex (VRTX) as Triple Combo Moves Forward; PT Trimmed to $108
- Apple (AAPL) PT Raised to $135 at Brean Capital
- UPDATE: MKM Partners Upgrades Masco (MAS) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, FDA, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!