Baird Reiterates an 'Outperform' on Pharmasset (VRUS); Makes TMC435 One of the Cool Kids

Baird reiterates an 'Outperform' on Pharmasset (NASDAQ: VRUS), PT increased from $113 to $145.

Baird analyst says, "Continue to recommend purchase of VRUS with increased $145 target; read-through not positive for VRTX but not really surprising either. VRUS's new collaboration for '7977 with Tibotec/JNJ's (NYSE: JNJ) TMC435 extends its leadership position in direct-acting antiviral combinations that are the intermediate-/long-term future of Hepatitis C. This also reinforces '7977 as the most desirable asset in the space. For VRTX this makes '435 a potentially more disruptive force and raises the stakes for VRTX's own combos, but we have been expecting this."

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

Shares of Pharmasset closed at $116.73 yesterday.

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