BofA/Merrill Lynch Reinstates Vertex (VRTX) at Buy

BofA/Merrill Lynch reinstates coverage on Vertex (NASDAQ: VRTX) with a Buy rating and a price target of $119.00.

Analyst Ying Huang comments, "We are reinstating coverage of VRTX at Neutral with a price objective of $119. Our PO is based on a probability-adjusted NPV of Kalydeco and VX-809/Kalydeco. VRTX has successfully transitioned from a hepatitis C company to one focused on the cystic fibrosis (CF) market. Kalydeco is currently approved for the treatment of nine different CF mutations,and we expect VRTX to receive approval for VX809/Kalydeco in the US and EU in 2015. An approval will drive significant sales and earnings growth over the next few years. However, we believe VRTX shares appropriately reflect this upside and are fairly valued at this time."

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 $112.31 yesterday.

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