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Bernstein Weighs In On Vertex Move

Related VRTX
Bank Of America Is Impressed By Takeaways From Vertex Pharmaceuticals Conference Call
UPDATE: Piper Jaffray Upgrades Vertex Pharmaceuticals Ahead Of Expected Combination Approvals

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.

Latest Ratings for VRTX

DateFirmActionFromTo
Oct 2014Piper JaffrayUpgradesNeutralOverweight
Oct 2014Guggenheim SecuritiesInitiates Coverage onBuy
Sep 2014Deutsche BankMaintainsBuy

View More Analyst Ratings for VRTX
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Posted-In: Bernstein Geoffrey PorgesAnalyst Color News Price Target Reiteration Analyst Ratings

 

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