UBS Maintains a 'Neutral' on Vertex (VRTX); Watching and Waiting

UBS maintains a 'Neutral' on Vertex (NASDAQ: VRTX) price target slashes from $47 to $35.

UBS analyst says, "Stock should work after [1] expectations are re-set, and [2] Rx trends drop: Following extensive due diligence at the recent AASLD Liver Meeting, we are retaining our Neutral rating but lowering our PT to $35. We stay Neutral for now, as we think an overhang will persist until Incivek Rx trends peak (1H12e). However, we expect a bull case to emerge at some point in 2012 from Street HCV numbers having come down, resetting expectations, as well as from improved visibility into shareholder-friendly strategies and ahead of data in cystic fibrosis (CF) mid-2012e."

UBS raises FY11 EPS estimate from $0.50 to $0.54, but lowers FY12 from $4.70 to $4.60.

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 $31.98 yesterday.

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