Needham & Company Maintains a 'Hold' on Vertex (VRTX); Surprisingly Early Approval of Kalydeco for G551D Cystic Fibrosis
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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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Needham & Company maintains a 'Hold' on Vertex (NASDAQ: VRTX).
Analyst, Alan Carr, said, "Vertex and the FDA announced earlier today approval of Kalydeco for the treatment of cystic fibrosis in patients with the G551D mutation. The regulatory decision comes only ~3 months after NDA submission and well ahead of the 4/18/12 PDUFA date. Pricing has been set at $294,000/year, not surprising given that only ~1200 U.S. patients are eligible under the initial label. Although early approval leads to greater Kalydeco contribution to revenues in 2012 than we anticipated, we are maintaining our overall cautious view and HOLD rating. Positive data from combination programs in CF (VX-809/VX-770) and/or HCV (VX-222/Incivek/RBV) may alter our opinion." (Needham raises FY12 EPS estimate from $3.01 to $3.59)
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 $34.74 yesterday.
Analyst, Alan Carr, said, "Vertex and the FDA announced earlier today approval of Kalydeco for the treatment of cystic fibrosis in patients with the G551D mutation. The regulatory decision comes only ~3 months after NDA submission and well ahead of the 4/18/12 PDUFA date. Pricing has been set at $294,000/year, not surprising given that only ~1200 U.S. patients are eligible under the initial label. Although early approval leads to greater Kalydeco contribution to revenues in 2012 than we anticipated, we are maintaining our overall cautious view and HOLD rating. Positive data from combination programs in CF (VX-809/VX-770) and/or HCV (VX-222/Incivek/RBV) may alter our opinion." (Needham raises FY12 EPS estimate from $3.01 to $3.59)
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 $34.74 yesterday.
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