Oppenheimer Provides Update On Vertex Pharmaceuticals Following NACFC Analyst Event
In a research report issued today, Oppenheimer analyst Yigal Nochomovitz maintained a Perform rating on Vertex Pharmaceuticals (NASDAQ:VRTX), while no price target was provided.
Nochomovitz noted, “Updates at last Friday’s analyst event at NACFC were incrementally positive to the big picture. Key conclusions as we see them: 1) TRAFFIC/TRANSPORT 24-week rollover data place the top-line results in the context of a durable longer-term benefit, 2) FEV1 benefits in TRAF/TRAN reflect a positive therapeutic shift for all patients and were not driven by subgroups/outliers, 3) better exacerbation data (fewer hospitalizations/ IV antibiotics) make 400mg BID the clear favorite commercially, especially given simpler regimen, 4) even if Kalydeco/661 isn’t enough in het-mins, data will help define requirements for 2nd corrector, 5) all genotypes (not just heteros) could eventually benefit from triple combinations, 6) mgm’t suggested we may see deals/collaborations with smaller next-gen corrector players sooner rather than later.”
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