Needham & Company Reiterates a 'Buy' on Vertex (VRTX); Combination Trial in CF Encouraging

Needham & Company reiterates a 'Buy' on Vertex (NASDAQ: VRTX) price target of $65.00.

Analyst, Alan Carr, said, "Vertex released final results of the Phase 2 trial evaluating VX-809/Kalydeco in cystic fibrosis (CF) patients with the common F508del mutation. The drug combination led to impressive improvements in lung function at the highest dose tested in homozygous F508del patients (600mg; mean absolute change FEV1 6.1% vs. -2.5% placebo) Management reiterated plans to move forward with a Phase 3 trial in these patients...We remain impressed by the overall magnitude of response and view the commercial potential of the drug combination as significant."

"Weakness tied to negative investor reaction around data being withheld for future medical conferences creates a buying opportunity."

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 $51.18 yesterday.

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