Argus analyst Jasper Hellweg lowered his price target on Vertex to $172 to reflect the 15% decline in the stock price over the past quarter driven by the overall weakness in the biopharma sector. Longer term, the analyst keeps his Buy rating and believes the current levels offer a buying opportunity, saying he is positive on the company's product lineup and deep pipeline focusing on cystic fibrosis. Hellweg adds that the valuation on Vertex is also favorable, with the stock trading at 46.4-times his FY18 EPS estimate vs. the 3-year historical average of 71.2-times.

Vertex Pharmaceuticals announced that the European Commission has granted approval for the label expansion of KALYDECO for the treatment of infants down to 1 month of age with cystic fibrosis who have one of the following mutations in the cystic fibrosis transmembrane conductance regulator gene: R117H, G551D, G1244E, G1349D, G178R, G551S, S1251N, S1255P, S549N or S549R. As a result of existing access agreements in Austria, Czech Republic, Denmark, Ireland, Norway, Sweden, and The Netherlands, eligible patients will have access to the expanded indication of KALYDECO shortly following regulatory approval by the European Commission. Vertex will continue to work with reimbursement authorities across the European Union to ensure access for all other eligible patients. In the U.K., following MHRA approval at the end of 2023, and as a result of the existing reimbursement agreement between Vertex and the National Health Service, eligible infants ages 1 month and older in the U.K. have access to this expanded indication for KALYDECO.