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Fly News Breaks for May 12, 2015
VRTX
May 12, 2015 | 16:16 EDT
Piper Jaffray analyst Edward Tenthoff reiterates an Overweight rating on Vertex Pharmaceuticals with a $146 price target after the FDA's Pulmonary-Allergy Drug Advisory Committee voted to recommend approval of Orkambi in homozygous F508del patients by a vote of 12 to 1. Tenthoff remains confident in approval by the July 5 PDUFA date. He believes the Orkambi launch will accelerate top-line growth and return Vertex to sustainable profitability. Shares of the drugmaker remain halted with a last trade of $124.08.
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