Analyst Color from Bernstein on Vertex Move

As shares of Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX have rallied 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 today'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 read