S&P Capital IQ Reiterates his BUY Rating on Vertex Pharmaceuticals, Target Price Reduced

October 18 00:00 2011

NEW YORK, October 18 (RainbowNewsLine.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 reduced from $64 to $60.

Analyst Steven Silver, in a research report published yesterday mentions that the company’s sharse are trading 5% lower due to slowing Incivek prescription growth trends as suggested by several tracking services. The recent volatility in the company’s shares is expected to continue due to its dependence on Incivek over its rival Victrelis and increasing competition in the market for Hepatitis-C treatment, the analyst says. According to the analyst, the company’s Incivek’s launch gives reassurance with more than 70% share of new prescriptions. The analyst believes that the Q3 earnings report would bring more clarity. The target price is reduced based on the updated NPV analysis, the analyst adds.