UPDATE: Credit Suisse Raises PT on Vertex Pharmaceuticals on Cystic Fibrosis Franchise De-Risking
In a report published Friday, Credit Suisse analyst Ravi Mehrotra reiterated a Neutral rating on Vertex Pharmaceuticals (NASDAQ: VRTX), and raised the price target from $48.00 to $80.00.
In the report, Mehrotra noted, “Raising our CF franchise estimates. VRTX announced positive PII data for VX-661 + Kalydeco in cystic fibrosis (CF) patients with the homozygous F508del mutation. To reflect our increased expectations, we are raising our WW peak sales for VRTX's CF franchise to $4.0B (from $2.9B) in 2022. We note that these estimates serve as placeholders until we dig deeper into the factors driving the CF franchise's potential. We raise our DCF-derived TP to $80 (from $48). High doses of VX-661 in combination with Kalydeco shows statistically significant improvement in lung function. The relative increases in FEV1 (vs. placebo) for the 100mg and 150mg VX-661 arms were 9.0% and 7.5% respectively.”
Vertex Pharmaceuticals closed on Thursday at $52.87.
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