Piper Jaffray Maintains Overweight on Vertex Pharmaceuticals

Piper Jaffray is out with its report today on Vertex Pharmaceuticals VRTX, maintaining Overweight. In a note to clients, Piper Jaffray writes, "Vertex reported positive 48-week STRIVE data for VX-770 in patients with Cystic Fibrosis with the G551D mutation. Previously reported lung function improvement at 24 weeks was durable out to 48 weeks. Vertex recently reported positive interim Phase II data on the combination of VX-809 and VX-770 in CF patients. The higher dosing arm achieved a statistically significant drop in sweat chloride, which was sufficient to proceed despite falling short of high Street expectations. We are buyers of VRTX shares ahead of a robust INCIVEK sales launch with estimated sales of $619 million this year and cross-over to profitability." Piper Jaffray maintains a $63 PT on VRTX. Shares of VRTX closed Friday at $48.20, up 0.27% from Thursday's close.