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Thursday, June 28, 2012

Stock Alert - Vertex (VRTX) shares drop 11% on CF drug study - 6/28/12

Vertex (VRTX -12.1%) getting walloped possibly because data from a trial of its cystic fibrosis drugs Kalydeco and VX-809, in the words of Wells Fargo analyst Brian Abrahams, "look a bit less robust than previously reported." Nonetheless, Abrahams continues to believe that the combo "could have multi-billion dollar potential" if it passes Phase III.

Vertex (VRTX) -9.5% despite a mid-stage study showing that a combination of its VX-80 and Kalydeco drugs for cystic fibrosis helped improve lung function in patients. "The highest dose arm looks good,” says ISI analyst Mark Schoenebaum, who reiterates his "buy" rating on the stock

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