Wells Fargo Upgrades Vertex (VRTX) to Outperform; Compelling CF Combo Data
Tweet Send to a FriendGet Alerts VRTX Hot Sheet
Price: $79.49 +2.05%
Rating Summary:
17 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
17 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade VRTX Now!
Wells Fargo upgraded Vertex (NASDAQ: VRTX) from Market Perform to Outperform, price target range $68-72 fro $40-44.
Analyst, Brian Abrahams, said, "We are upgrading VRTX based on reported ph.II data we believe significantly increases the likelihood of ultimate success for their Kalydeco/VX-809 combo in the meaningful F508del CF subpopulation. In addition to increasing our probability of success, we are adjusting our model based on the strong data to account for a higher penetration within a slightly narrower (homozygous F508del) subpopulation, and slightly higher pricing (70% of current Kalydeco net price); we now believe if successful CF franchise sales overall could exceed $3B--helping sustain growth in the face of likely Incivek erosion...Our 2012E non-GAAP EPS increases to $3.61 from $3.56 due to model adjustments."
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 $58.12 yesterday, with a 52 week range of $26.50-$58.87.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Brian Abrahams, said, "We are upgrading VRTX based on reported ph.II data we believe significantly increases the likelihood of ultimate success for their Kalydeco/VX-809 combo in the meaningful F508del CF subpopulation. In addition to increasing our probability of success, we are adjusting our model based on the strong data to account for a higher penetration within a slightly narrower (homozygous F508del) subpopulation, and slightly higher pricing (70% of current Kalydeco net price); we now believe if successful CF franchise sales overall could exceed $3B--helping sustain growth in the face of likely Incivek erosion...Our 2012E non-GAAP EPS increases to $3.61 from $3.56 due to model adjustments."
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 $58.12 yesterday, with a 52 week range of $26.50-$58.87.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- UPDATE: Vanda Pharmaceuticals (VNDA) Opens Higher; Lazard Raises PT to $17
- Supernus (SUPN) PT Trimmed at Jefferies, But Survey Shows Significant Market Opportunity
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst EPS View, Analyst PT Change, UpgradesRelated Entities
Wells Fargo
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
