Also the market is down but a lot less. Any news as to why biotechs are tanking today?
As I have said on many occasions, The Board should let go of Leiden and hire someone who is capable of multitasking. All Leiden thinks is CF. The sad part is he had nothing to do with the initial development of the CF franchise. So I do not understand his fixation with CF. VRTX has over 1800 employees, many of whom are scientists or support scientists with their research. So what are they doing? Where is the leadership in VRTX to have these scientists' work go through trials. Is Leiden is saying they have not produced anything worthwhile?
MY data would have been more accurate if instead of "VRTX has over 1000 employees" I would have said "VRTX has over 1800 employees."
What is tragic is that a lot of idiots on this boards are acting like, well, idiots or buffoons by criticizing HR for stupid reasons rather than well based reasons. So long term holders like me just do not criticize HR often because we do not want to join these idiots buffoonery. This is unfortunate because we are not criticizing the incompetent HR for his incompetent actions -- stupid drug trial designs, lost opportunities to partner with reputable drug firms (the results of 102 were so good we decided to keep it for ourselves), etc., etc.
This is really a shame. I wish these idiot childish posters who always talk about HR and his secretaries and his son will go away so that we can constructively criticize HR and ask his cronies on the Board to fire him and hire a competent person.
It is true that the efficacy of Orkambi was not very impressive but i think the lack of high efficacy as well as approval was baked in the PPS already. I think investors after digesting the data etc. recently do not now see any viable catalyst in the near term and therefore are taking profit. I submit it is Leiden's fault for not moving other compounds through trials and just mostly being satisfied with the CF franchise. VRTX has over 1000 employees. How many of those are scientists and those who assist scientist? What are they all doing? These are the reasons I believe many are taking profit rather than sticking with VRTX.
Apparently, my June 16 post speculation about the value of Orkambi having been baked in then PPS has ended up being the case.
At this stage I believe we need a new CEO. Leiden can not be given credit for the CF drugs. The CF drugs were developed by the Aurora Sciences company that VRTX acquired a long time ago and before Leiden even came to VRTX as a board member.
I think Leiden is a hard working and well intentioned person but I do not think he is capable of working on several major projects at the same time. He is very good in taking up ONE project and complete it and that is the CF project. Unfortunately, that is his personality type -- well intentioned but inappropriate to lead a company like VRTX. He is the type of person who is great as a PROJECT MANAGER, and I guess he has been a good project manager for CF but that is it.
Let's hope. On the other hand one could say the upside is already baked into the present PPS.
As i have said many times before,.Leiden's obsession with CF with not much publicity about other non Cf drugs gives investors cold feet. The other issue is that the CF Foundation with its windfall by cashing the VRTX royalties is granting money to other drug companies such as Genzyme and some university scientists to look for better drugs for CF. That as well as other major companies nipping at VRTX CF franchise is making investors uneasy. VRTX investors including myself are asking what is VRTX doing with all of its scientists. It has a bloated payroll. I am hoping Leiden will start realizing that he needs to pay lots of attention to other drugs and move them through the pipeline as fast as possible.
"This in vitro observation suggests that the addition of P-1037 to the investigational combination of lumacaftor and ivacaftor could enable enhanced function of the cell’s cilia to clear mucus from the cell surface, potentially resulting in improved lung function."
If it works it would be a great improvement in the life of CF patients.