Vertex Pharm tgt range raised to $32-39 at Merriman; firm continues to believe the co will get phase III approval for telaprevir for HCV in 1H10 (32.40)
Merriman is rasing their price range to $32-39 from $28-32 due to the shortened discount period from which they are deriving their target range; they note VRTX remains on track to report the results from the three Phase III trials in telaprevir for HCV in 1H10. They continue to believe that the co will be successful in achieving approval from the data sets they have seen to date. Being the first new direct antiviral to the market with a known mechanism of action will give Vertex a strong lead advantage with regard to marketing the drug, in their view. They believe the initial uptake of the drug will be significant. They remain optimistic that the dosing schedule of telaprevir can be reduced to twice-per-day from the current three-times per day.