UBS Starts Vertex (VRTX) at Neutral; Near-Term Bias

July 7, 2011 1:19 PM EDT
Get Alerts VRTX Hot Sheet
Price: $80.91 -1.95%

Rating Summary:
    24 Buy, 17 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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UBS initiates coverage on Vertex (NASDAQ: VRTX) with a Neutral. PT $56.

UBS analyst says, "Vertex is poised to lead a new era of hepatitis-C virus (HCV) antivirals with the recent FDA approval of Incivek, which we and the Street view as a potential blockbuster opportunity. Further, the HCV program is complemented by a novel and potentially transformative cystic fibrosis (CF) program, which we believe may address the vast majority of CF patients. We are initiating coverage of Vertex with a Neutral rating despite a near-term and long-term positive stance, given valuation, our view that upside to 2012-14 Incivek sales could be limited, and the longer timelines to key VX-809 data."

For more ratings news on Vertex click here and for the rating history of Vertex click here.

Shares of Vertex closed at $50.17 yesterday.

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