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Pharmasset (VRUS) Shares Higher Following Results of PSI-7977 Trial; Analyst Weighs In

November 7, 2011 8:59 AM EST
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Rating Summary:
    3 Buy, 10 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 30 | New: 20
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Shares of Pharmasset (Nasdaq: VRUS) are up more than 8 percent in pre-market action Monday morning following better-than-expected results of its PSI-7977 drug for hepatitis C over the weekend.

Potentially moving on the news: shares on Inhibitex (Nasdaq: INHX) up 15.5 percent, shares of Vertex (Nasdaq: VRTX) down 4.5 percent.

An analyst at Brean Murray Carret said, "VRUS impressed a packed house of AASLD attendees by showing a 100% SVR rate in genotype 2/3 patients receiving PSI-7977 and ribavirin but no interferon. We believe this validates the company's decision to move into Phase 3 program with this combination and supports a new front line standard of care in these patients. Given the substantially better safety profile, we believe it will be unethical to use interferon in untreated Gt. 2/3 patients once PSI-7977 is approved."

For more ratings news on Pharmasset click here and for the rating history of Pharmasset click here.


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