J.P. Morgan Maintains Neutral on Vertex Pharmaceuticals (VRTX)

J.P. Morgan is out with its report today on Vertex Pharmaceuticals VRTX, maintaining Neutral. In a note to clients, J.P. Morgan writes, "We remain very impressed by VX-770 in the G551D CF population and together with Class 4/5 CF patients, we estimate a peak opportunity approaching $1B for this franchise. That said, we are not optimistic with the potential for robust combo (VX-770+VX-809) data targeting the larger F508del CF population. Hence, with a bullish outlook for VX-770 and for telaprevir in HCV already assumed in Street models, we are maintaining our Neutral rating on VRTX shares." J.P. Morgan has a $46 PT on VRTX. Shares of VRTX closed Friday at $55.05, down 0.88% from Thursday's close.