Bernstein Weighs In On Vertex Move
As shares of Vertex Pharmaceuticals (NASDAQ: VRTX) have rallied over 40 percent following a press release concerning phase 3 studies of its Lumacaftor Ivacaftor combination regime, Bernstein analyst Geoffrey Porges issued a note with his take on the stock
Despite Tuesday's move, Porges maintained his Market Perform rating and $65 price target.
Porges noted the data are "clearly better than expected," but believes the immediate potential of the combination is substantially priced in. Moreover, he thinks short-covering will initially exaggerate the move.
Looking forward, Porges expects the regimen to receive FDA approval.
For a more detailed look into the press release, click here.
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