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Fly News Breaks for March 19, 2019
VRTX
Mar 19, 2019 | 07:38 EDT
As previously reported, SVB Leerink analyst Geoffrey Porges downgraded Vertex to Market Perform from Outperform, citing the slower ramp of the company's cystic fibrosis products in Europe and the continued resistance of payers there, the already high expectations priced into the stock and evident in consensus forecasts, and the limited near-term opportunities and catalysts from the company's pipeline. Overall, the analyst sees the stock's recent strength as consistent with his positive view, but now reflecting most of the realistic value of the company's identifiable product opportunities for cystic fibrosis. Porges also lowered his price target on the shares to $170 from $183.