Oppenheimer analyst Hartaj Singh maintained a Buy rating on Vertex Pharmaceuticals (VRTX) today and set a price target of $200. The company’s shares opened today at $168.43.
“Vertex (VRTX) reported two positive phase 3 efficacy readouts for VX-659, the first of its two triplet therapies development. The data continues to impress, with 4- week efficacy being incrementally better than phase 2 results published in the NEJM recently. The pre-specified interim analysis of efficacy will be followed by the 12- and 24-week safety data analysis, which VRTX is still accruing (N=302 for 12-week and N=58 for 24-week safety accrued). Safety looks to be in line with previous results. While we await the phase 3 readout for VX-445 in 1Q19 (VRTX to choose one of the two therapies to progress to NDA filing by mid-2019), there could be a tricky period as mgm’t provides 2019 guidance in early 2019. We stay bullish.”
According to TipRanks.com, Singh is a 3-star analyst with an average return of 1.1% and a 37.9% success rate. Singh covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Syndax Pharmaceuticals Inc, and Strongbridge Biopharma Plc.
Vertex Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $206, implying a 22.3% upside from current levels. In a report released yesterday, Barclays also maintained a Buy rating on the stock with a $200 price target.
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The company has a one-year high of $194.92 and a one-year low of $136.50. Currently, Vertex Pharmaceuticals has an average volume of 1.32M.
Based on the recent corporate insider activity of 120 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VRTX in relation to earlier this year.
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Vertex Pharmaceuticals, Inc. engages in the business of discovering, developing, manufacturing and commercializing small molecule drugs for patients with serious diseases. It focuses on development and commercializing therapies for the treatment of cystic fibrosis; infectious diseases, including viral infections, such as influenza, and bacterial infections; autoimmune diseases, such as rheumatoid arthritis; cancer, inflammatory bowel disease; and neurological disorders, including pain, Huntington’s disease and multiple sclerosis. The company was founded by Joshua S. Boger in 1989 and is headquartered in Boston, MA.
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