Goldman Says Expect More Downside in Vertex Pharmaceuticals (VRTX)

Analysts at Goldman Sachs see more downside in shares of Vertex Pharmaceuticals, Inc. (NASDAQ: VRTX). Analyst see Incivek sales slowing with expected launches of new hepatitis C regimens from Gilead Sciences Inc. (Nasdaq: GILD) and Abbott Laboratories (NYSE: ABT).

"The ultimate goal of hepC companies is to develop all-oral regimens and move away from interferon (IFN) based regimens that include VRTX's Incivek and Merck's (NYSE: MRK) Victrelis. Based on strong Phase 2 data from GILD and ABT at AASLD, recent GILD Phase 3 data and IMS script trends, we are lowering our 2013-2015 Incivek estimates as we expect sales will continue to decline as physicians and patients elect to defer treatment until newer regimens become available," said analyst Terence Flynn.

Goldman Sachs maintained a Sell rating on Vertex (NASDAQ: VRTX) and reduced its price target to $38.00 (from $43.00).

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 $42.25 yesterday.

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