Canaccord Genuity Reiterates a 'Hold' on Vertex Pharma (VRTX); Q2 Preview
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Price: $505.75 -2.07%
Rating Summary:
38 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
38 Buy, 7 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity reiterates a 'Hold' on Vertex (NASDAQ: VRTX) price target of $48.00.
Canaccord analyst, George Farmer, said, "Ahead of the first quarterly sales look of newly launched Incivek for treatment of HCV infection, we see current valuation accurately reflecting longer-term potential and reiterate our HOLD rating on VRTX shares...Our $30M Q2 Incivek sales estimate is in line with company-ascertained consensus of $31M. Third-party script data suggests growth and uptake of Incivek with about 3x share of June scripts vs. Merck’s Victrelis...New Phase II data for Incivek in quad combination with developmental non-nuc VX-222 and standard peg-riba showed a high SVR12 rate of 93% in a small 15-patient cohort."
"Informed by groundbreaking Phase III data, our out-year estimates include sales from VRTX’s cystic fibrosis (CF) program, for which we see high likelihood of VX-770 approval in the G551D-mutant subpopulation by mid-2012. We model for $750M in total risk-adjusted sales for VX-770 and VX-809 by 2020."
For more ratings news on Vertex click here and for the rating history of Vertex click here.
Shares of Vertex closed at $49.55 yesterday.
Canaccord analyst, George Farmer, said, "Ahead of the first quarterly sales look of newly launched Incivek for treatment of HCV infection, we see current valuation accurately reflecting longer-term potential and reiterate our HOLD rating on VRTX shares...Our $30M Q2 Incivek sales estimate is in line with company-ascertained consensus of $31M. Third-party script data suggests growth and uptake of Incivek with about 3x share of June scripts vs. Merck’s Victrelis...New Phase II data for Incivek in quad combination with developmental non-nuc VX-222 and standard peg-riba showed a high SVR12 rate of 93% in a small 15-patient cohort."
"Informed by groundbreaking Phase III data, our out-year estimates include sales from VRTX’s cystic fibrosis (CF) program, for which we see high likelihood of VX-770 approval in the G551D-mutant subpopulation by mid-2012. We model for $750M in total risk-adjusted sales for VX-770 and VX-809 by 2020."
For more ratings news on Vertex click here and for the rating history of Vertex click here.
Shares of Vertex closed at $49.55 yesterday.
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