Leerink Partners analyst, Geoffrey Porges, reiterated his Outperform rating on shares of Vertex (NASDAQ: VRTX) but cut his price target to $111 from $112 after the company reported Q3 results but, more importantly, disclosed their long anticipated phase II development plans for their “triple” combination for the treatment of cystic fibrosis (CF).

The company's operating performance was just under consensus (-1%) for revenue and $0.02 below consensus (-9%) for earnings (-6%). These results were largely in line with expectations, which had previously been lowered following the company’s disclosure in September that US Orkambi sales had faltered during the summer. The company maintained their guidance for the year and indicated that they have wide boundaries for revenue results for 2017 depending on the progress of reimbursement negotiations for Orkambi in many ex-US markets.

The company’s phase II plan disclosure was positive at first, but will have left investors with questions about the quality of the company’s first couple of “shots on goal” for their triple.

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 $78.71 yesterday.