Vertex Pharmaceuticals, Inc. (VRTX) Maintains Buy Rating
February 05, 2010 4:17 PM
Analysts at Needham have maintained a Buy rating for Vertex Pharmaceuticals, Inc. (NASDAQ: VRTX). The company provided guidance for expected 2010 events in a quarterly conference call yesterday.
Vertex Pharmaceuticals, Inc. provided further detail on plans to initiate VCH-222/TPV combination studies in the first-quarter. According to analysts, the program will be of particular interest as investors consider the mid-to-long term prospects for TPV and Vertex in HCV.
The company also reported that it has submitted data to the FDA regarding TPV dosing frequency. The company reported that the VX-770 Phase 3 CF program is expected to complete enrollment shortly, although analysts expect minimal news flow from this or the VX-809 CF program in 2010.
The company reported revenue of $34 million in the fourth-quarter. The company had a loss of $0.85 per share in the quarter. The company had $1.3 billion in cash at the end of 2009.
The company issued guidance for 2010. The company expects a net loss of $700 million in 2010, which reflects the increase in R&D spending and inventory.
