Vertex Pharma (VRTX): Reducing Estimates But See Upside To Lower Expectations - 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 $104 from $107 on recent commentary regarding Rx refill lags leading the company to formally reduce its '16 Orkambi guidance.
The Orkambi slowdown adds to concerns about perceived benefit/risk and increases dependence on '661 and the 3x combo. However, the analyst is confident that VRTX will grow the opportunity with these future offerings. Orkambi's 6-11yo CF approval, while widely expected, does at least opens door for some add'l Orkambi growth beyond 3Q.
Shares of Vertex closed at $88.84 yesterday.
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