UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Vertex Pharmaceuticals
In a report published Friday, Deutsche Bank reiterated its Buy rating on Vertex Pharmaceuticals (NASDAQ: VRTX), but lowered its price target from $77.00 to $75.00.
Deutsche Bank noted, “We rate VRTX shares Buy on the back of potential success in their CF program targeting the homozygous F508del patients with VX-809 & Kalydeco. Our model suggests no value being assigned to HCV, no value to other CF gating mutations, and about 35% chance of success on 508del population. We model $1.4B revs, $1.2B expenses in 2013. Key questions remain Incivek & expense guidance. We model '13 down Incivek -35% & every $100M impacts DCF by $1.5/sh. Maintain Buy.”
Vertex Pharmaceuticals closed on Thursday at $39.10.
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