JP Morgan Reiterates Overweight on Vertex Pharmaceuticals on Continued Share Upside Amid Weakness - Vertex Pharmaceuticals (NASDAQ:VRTX)

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JP Morgan reiterates its Overweight rating on Vertex Pharmaceuticals (NASDAQ: VRTX) following an update on VX-809 +Kalydeco Phase 2 study. JP Morgan notes, "This morning, Vertex announced an update to the Phase 2 combination study of Vx-809 + Kalydeco in F508del cystic fibrosis (CF) patients. Specifically, Vertex provided a correction to data previously provided (May 7) indicating that the absolute change in FEV1 was lower than previously reported. …We recommend purchase of VRTX on weakness today, as our thesis of lower combo pricing (~$75K) and low penetration (40%) still provides upside to the stock at current levels, but both of these assumptions seem unduly conservative." VRTX closed at $64.85 on Friday.

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