Bernstein SocGen Reiterates Outperform Rating on Vertex (VRTX)

Bernstein SocGen Group analyst Jeffrey Walch reiterated an Outperform rating and $608.00 price target on Vertex (NASDAQ: VRTX).

The analyst commented: "Negative SION-719 shows the challenges displacing a backbone SOC and our Top Pick; VRTX was our top pick for investors when we expanded our coverage recently (US Biotechnology: Grab our new top pick VRTX before your friends and neighbors - steal the opportunity while they are out east). Our perspective is that the market was underestimating the potential of their drug development outside the CF franchise: we project Atumelnant to be a key competitor vs Crenessity in CAH. However, more importantly we thought that the market was overestimating the risk that Sionna would be able to displace VRTX as the backbone standard of care treatment in CF: several additional steps (eg repeat Ph2 with registrational Ph3 trial) would have been required after a positive POC data set."

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 $523.91 yesterday.

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