Vertex Pharma (VRTX): VX-661/Kalydeco Combo Fails But Was A Long Shot - Baird
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Baird analyst, Brian Skorney, reiterated his Outperform rating on shares of Vertex (NASDAQ: VRTX) as the company followed in Orkambi's footsteps when the VX-661/ivacaftor failed to show a benefit in patients heterozygous for the F508del mutation and a mutation resulting in minimal CFTR function (F508del het/mins).
The analyst had been skeptical from the start, but the next-gen triple combos are expected to move into Phase 2 soon. This is an effort the analyst is far more enthusiastic about for this subgroup of CF patients.
No change to the price target of $128.
Shares of Vertex closed at $102.48 yesterday.
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