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Fly News Breaks for March 7, 2019
VRTX
Mar 7, 2019 | 07:37 EDT
Oppenheimer analyst Hartaj Singh raised his price target for Vertex to $230 from $200 after the company reported a successful phase 3 program for efficacy for the VX-445 triplet regimen. Like the successful phase 3 VX-659 triplet program reported in late November, VX-445 efficacy continues to be solid, he contended, adding however that only a minority of hetmin F508del patients had passed the 24-week safety evaluation, forcing Vertex to wait and review this data in Q2 before choosing a candidate for regulatory filings. Singh review of the VX-659 and VX-445 phase 1/2 studies, management commentary and the positive tone around safety in the press release lead him to believe Vertex has one candidate that can be filed. He reiterates an Outperform rating on the shares.