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Vertex Pharmaceuticals Incorporated Message Board

  • qdelfan qdelfan Jun 4, 2014 11:23 AM Flag

    Needham analyst reaffirms buy rating and price target on Vertex this morning

    Needham & Company analyst Alan Carr weighed in on Vertex (NASDAQ: VRTX) following top-line results from a Phase 2 trial of ivacaftor in cystic fibrosis patients with residual function CFTR mutations.

    "We note statistically significant, but modest absolute changes in FEV1 in the two-part trial (2.8% vs. 0.6% placebo [p=0.004] in 2-wk blinded Part 1 and 4.7% [p=0.0001] in 8-wk open-label Part 2)," Carr said. "Based on these results, the company plans to move forward with a Phase 3 trial after discussions with regulators around trial design. Results from the pivotal TRAFFIC and TRANSPORT trials are expected soon. These trials are testing ivacaftor/lumacaftor in homozygous F508del pts and are at the core of the company's CF strategy. We continue to expect a positive outcome and reiterate our BUY rating and $95 target."

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