Vertex Pharma (VRTX): VX-661/Kalydeco Combo Fails But Was A Long Shot - Baird

August 16, 2016 8:34 AM EDT
Get Alerts VRTX Hot Sheet
Price: $80.76 -2.6%

Rating Summary:
    28 Buy, 13 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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.

For an analyst ratings summary and ratings history on Vertex click here. For more ratings news on Vertex click here.

Shares of Vertex closed at $102.48 yesterday.

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