HALISTER1: Vertex Upgraded at Maxim on Cystic Fibrosis Progress, Lower Risk

Vertex Upgraded at Maxim on Cystic Fibrosis Progress, Lower Risk

(Bloomberg) -- Vertex is making progress in building a foundation from which to dominate the cystic fibrosis (CF) landscape for years, Maxim Group analysts led by Jason McCarthy said in a note, upgrading the stock to buy from hold and assigning PT $143. Shares indicated at $107-$108.43 pre-market vs $107.29 close.
  • Says surprised to see how well the tezacaftor/ivacaftor (tez/iva) combination worked in two pivotal studies, particularly in the heterozygote population
  • Says VRTX now positioned to develop triple combinations for multiple CF mutations; views the probability of success in the remaining heterozygote Phase 3 study (data due in 2H), and the four triple combination studies with tez/iva, as skewed in favor of VRTX
  • Sees reduced risk long term; reduces the discount rate to 10% from 15%
  • Stock has 17 buys, 10 holds, no sells, avg PT $113: Bloomberg
  • NOTE: March 29, Vertex Data Set Up Path for Triple Combo Therapy: Street Wrap
To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Will Daley

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
VRTX US (Vertex Pharmaceuticals Inc)

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Jason McCarthy (Maxim Group LLC)

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