Maxim Reiterates Buy On Vertex Pharmaceuticals, Raises PT To $122


Maxim Group analyst Jason Kolbert reiterated a Buy rating on Vertex Pharmaceuticals (NASDAQ:VRTX) and raised his share price target to $122 (from $117), which represents a potential upside of 11.0% from where the stock is currently trading.

Kolbert wrote, “Vertex reported a solid top-line quarter with $127M (vs. consensus at $125M) in KALYDECO (ivacaftor) revenues ($7M in stocking), $53M Ex US, and total non-GAAP revenues of $165 million vs. non-GAAP expenses of $212M. Vertex guided to KALYDECO net revenues of $460M, or $120M in Q4 (flat versus Q3 based on slower reimbursement – Australia), and non-GAAP operating expenses of $910M-$920M, which basically is in line with expectations. Vertex closed the quarter with $1.48B in cash. All in all, we believe the focus should not be on the quarter or even on the spend, but on the potential to expand the eligible CF patient base.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 5.4% and a 42.9% success rate. Kolbert has a 14.3% average return when recommending VRTX, and is ranked #658 out of 3354 analysts.

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