Vertex Pharma (VRTX): Nivalis Setback Positive For Orkambi - BMO
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BMO Capital analyst, Do Kim, reiterated his Market Perform rating on Vertex (NASDAQ: VRTX) price after the Phase II failure of Nivalis's cavosonstat should have a minimal direct impact on the company considering his view that cavosonstat is an add-on therapy to Vertex's drugs and not a direct competitor.
However, he also sees the trial miss as an incremental positive, as it highlights the difficulty of CF drug development and emphasizes the significant lead Vertex has over competitors. No change to the price target of $88.
Shares of Vertex closed at $86.90 yesterday.
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