JP Morgan Buyer on Vertex Pharmaceuticals' Weakness

JP Morgan has published a research report on Vertex Pharmaceuticals (NASDAQ: VRTX) following up on Kalydeco + VX-809 on Cystic Fibrosis.

In the report, JP Morgan writes, "[We] are buyers on weakness today given that the final phase 2 data is clearly de-risking in the homozygous F508del CF population. While it isn't clear why FEV-1 declines were seen from 0-28 day with VX-809 monotherapy, what is clear is that monotherapy VX-809 or Kalydeco doesn't work in this population. We think this is a positive competitively (tougher to develop a drug combo de novo) and it also gives payers and FDA specifics as to what the proper combo therapy and eligible population is."

JP Morgan maintains its Overweight rating on Vertex Pharmaceuticals, which is currently trading down 10.08% from yesterday's $61.11 closing price.