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UPDATE: Credit Suisse Downgrades Vertex Pharmaceuticals to Neutral on Competitive Pressures

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Is Gilead Sciences About To Buy Vertex For $45 Billion?
What's Wall Street Been Saying About Gilead Lately?

Credit Suisse reduced its rating on Vertex Pharmaceuticals (NASDAQ: VRTX) from Outperform to Neutral and lowered its price target from $56 to $48.

Credit Suisse noted, "On Sat (Nov 10), GILD reported top-line PII data from ELECTRON Arm 13 (GS-5885 + GS-7977 + RBV), posting a 100% SVR4 (i.e. cure rate). Given these positive results, we expect Incivek will likely be come under pressure in the near to medium term. We are not changing our 2012 sales estimates for Incivek ($1.1B at the lower end of guidance). However, we are reducing our 2013-2016 Incivek sales and royalties to $686M, $360M, $180M, and $135M from $1.0B, $777M, $571M, and $357M respectively."

Vertex Pharmaceuticals closed at $45.01 on Friday.

Latest Ratings for VRTX

DateFirmActionFromTo
Apr 2015CitigroupMaintainsBuy
Apr 2015OppenheimerAssumesPerform
Apr 2015Canaccord GenuityInitiates Coverage onBuy

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Posted-In: Credit SuisseAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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