"CF Sales Trajectory is Sufficiently Reflected in the Stock at Current Levels" - Needham & Company Maintains Vertex (VRTX) at Hold

Needham & Company analyst Joseph Stringer reiterated a Hold rating on Vertex (NASDAQ: VRTX), following the company's Q1 report.

The analyst comments: "VRTX reported $2.10B (+1% q/q; +22% y/y) in 1Q22 WW Cystic Fibrosis (CF) sales, in-line with our $2.09B and Street $2.08B estimates. Management reiterated 2022 sales guide of $8.4-$8.6B. VRTX remains at the top of the CF mountain following Abbvie's (not rated) recent Ph2 triple failure. CTX001 cell therapy (w/ partner Crispr) for Sickle Cell Disease (SCD) and Transfusion-Dependent Thalassemia (TDT) remains on track for BLA/MAA submissions by YE22, and is in line to become VRTX's next commercial product. VRTX is in a solid financial and pipeline position. Our HOLD rating is based is our view that the CF sales trajectory is sufficiently reflected in the stock at current levels."

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 $266.37 yesterday.

By Vlad Schepkov

You May Also Be Interested In

• META to capture largest share of users, SNAP to benefit from ad budget shifts - Canaccord Genuity weighs in on TikTok ban
• Teradyne (TER) PT Raised to $125 at TD Cowen
• Keefe, Bruyette & Woods Upgrades Trustmark (TRMK) to Outperform