Piper Jaffray Reiterates Overweight on Vertex Pharmaceuticals (VRTX)

Piper Jaffray is out with its report today on Vertex Pharmaceuticals VRTX, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We are attending the European Association for the Study of Liver meeting in Berlin where Late Breaker posters are up. Abstract #1363 on Vertex' Phase II quad combo trial of Telaprevir + HCV non-nuc polymerase inhibitor VX-222 showed 90% response at week 12. We saw even more impressive combination data on Pharmasset's HCV nucleotide polymerase inhibitors and Bristol-Myers' NS5A inhibitor BMS-790052 + protease inhibitor BMS-650032. VRTX shares may trade lower today, but we remain buyers into the April 28th AdComm as Telaprevir maintains a 2+ year over competition. We believe Vertex will use their strong balance sheet and equity capital to acquire HCV drugs." Piper Jaffray has a $52 PT on VRTX. At the time of posting, shares of VRTX were trading pre-market at $48.44, down 0.08% from Wednesday's close.