New York, May 7 (FinanceEnquiry.com) – Analyst Steven Silver of S&P Capital IQ reiterates his BUY rating on the shares of Vertex Pharmaceuticals (NASDAQ: VRTX). The target price has been raised from $44 to $62.
In a research note published this morning, the analyst mentions that Vertex Pharmaceuticals’ shares rose 44%, as the company reported interim Phase II data study of VX-809 and Kalydeco for cystic fibrosis patients with two copies of the common F508del mutation, showing statistically significant lung function improvements. The results (46% saw 5% improvement and 30% saw 10% improvement) are more robust than expected, with up to $3 billion of peak revenue potential, the analyst says. Vertex Pharmaceuticals’ shares, however, would remain volatile as the details of the full study are expected around mid-2012, while the program advances to Phase II study, the analyst adds.
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