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Fly News Breaks for April 27, 2018
GLPG, VRTX
Apr 27, 2018 | 08:42 EDT
Jefferies analyst Michael Yee thinks the primary Vertex Pharmaceuticals (VRTX) bear case on competition from Galapagos NV (GLPG) is likely to fade over 12-18 months because Vertex "is just too far ahead" with Phase III data by the end of 2018. Galapagos will need to do lots more Phase I/II work before entering late-stage studies, Yee tells investors in a research note. He believes Vertex shares will rise in 2018 and 2019 based on a multiyear "parabolic earnings cycle" from $2 today to $10-$15 of earnings per share power over next few years. Yee keeps a Buy rating on Vertex with a $195 price target following the company's Q1 results.