Wells Fargo Starts Pharmasset (VRUS) at Outperform; Could Represent the Future Backbone of HCV Therapy

Wells Fargo initiates coverage on Pharmasset (NASDAQ: VRUS) with an Outperform. Valuation range $155-$165.

Wells analyst says, "We view VRUS as a future leader in hepatitis C (HCV), and are convinced their nucleotide polymerase inhibitor candidates will form an integral part of the therapeutic regimen. We believe lead drug PSI-7977 has the potential to be a best in class treatment in multiple settings – including genotype-1 (GT-1), GT-2/3, and interferon-free direct acting antiviral combos. Despite recent appreciation, we believe VRUS remains undervalued, and expect continued momentum for shares as additional data for ‘7977 confirms its outstanding efficacy and safety profile."

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

Shares of Pharmasset closed at $124.87 yesterday.

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