Vertex Pharma (VRTX): Cutting PT But Fundamentals Continue To Look Good - Jefferies
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Jefferies analyst, Brian Abrahams, reiterated his Buy rating on shares of Vertex (NASDAQ: VRTX) but cut his price target to $102 from $105 based on changes to the analyst's DCF.
For the quarter, numbers were in line, but 3Q was highlighted by both next-gen correctors, despite imperfect profiles, having adequate PK/PD, safety, and overall benefit/risk to advance to ph.II--removing a significant stock overhang. Between this and add'l correctors advancing, the analyst believes VRTX's robust CF drug discovery productivity and potential to expand the market opportunity and competitive positioning remains underappreciated in the stock price.
Shares of Vertex closed at $78.71 yesterday.
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