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Fly News Breaks for August 16, 2016
VRTX
Aug 16, 2016 | 05:45 EDT
Piper Jaffray analyst Edward Tenthoff says he's not surprised that Vertex Pharmaceuticals discontinued the Phase III trial of Kalydeco + follow-on corrector VX-661. The analyst has expected that triple combination therapy including a next-gen CFTR corrector or other mechanism will be required to treat heterozygous F508del patients. Three other Phase III trials of Kalydeco + VX-661 continue with read-outs in the first half of 2017, Tenthoff tells investors in a research note. He reiterates an Overweight rating on Vertex with a $131 price target. The stock traded down 3% to $99.13 in the after-hours session.