Piper Jaffray Overweight On Vertex Pharmaceuticals (VRTX)

Piper Jaffray has an Overweight rating and a $48 price target on shares of Vertex Pharmaceuticals VRTX. In a note sent to clients, Piper Jaffray writes, "We expect Vertex to Outperform in 2011 as the company launches blockbuster Telaprevir. We anticipate accelerated approval by the likely May 23rd PDUFA date. We forecast rapid Telaprevir adoption as U.S. hepatologists treat motivated HCV patients. Telaprevir will drive profitability as Vertex becomes cash flow positive in 4Q:11. We anticipate Vertex will either buy or partner for additional HCV drugs to build out its combination portfolio. Despite the Inspire miss, VX-770 could provide a second drug approval in 2012. Lastly, we anticipate Vertex will strengthen its cash position with another convertible note deal." Shares of VRTX gained $1.35 yesterday to close at $36.84, a gain of 3.8%.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsBiotechnologyHealth CarePiper Jaffray
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!