Baird analyst Brian Skorney lowered his price target on Vertex (NASDAQ: VRTX) to $128.00 (from $144.00) and Orkambi estimates on weak qua but maintained an Outperform rating.

Skorney commented, "Orkambi sales came in well below expectations that had already been revised significantly downwards over the last months. Management highlighted a high discontinuation rate this quarter following a large bolus of new starts last quarter. FY16 Orkambi guidance also came in light but should help reset expectations going forward. We are lowering our price target to $128 on reset expectations for the Orkambi launch trajectory but continue to believe the cystic fibrosis opportunity remains undervalued."

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Shares of Vertex closed at $84.50 yesterday.