UPDATE: Credit Suisse Downgrades Vertex Pharmaceuticals to Neutral on Competitive Pressures
Credit Suisse reduced its rating on Vertex Pharmaceuticals (NASDAQ: VRTX) from Outperform to Neutral and lowered its price target from $56 to $48.
Credit Suisse noted, "On Sat (Nov 10), GILD reported top-line PII data from ELECTRON Arm 13 (GS-5885 + GS-7977 + RBV), posting a 100% SVR4 (i.e. cure rate). Given these positive results, we expect Incivek will likely be come under pressure in the near to medium term. We are not changing our 2012 sales estimates for Incivek ($1.1B at the lower end of guidance). However, we are reducing our 2013-2016 Incivek sales and royalties to $686M, $360M, $180M, and $135M from $1.0B, $777M, $571M, and $357M respectively."
Vertex Pharmaceuticals closed at $45.01 on Friday.
Latest Ratings for VRTX
|Mar 2017||BMO Capital||Upgrades||Market Perform||Outperform|
|Mar 2017||JMP Securities||Upgrades||Market Perform||Market Outperform|
|Dec 2016||Oppenheimer||Initiates Coverage On||Perform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.