Vertex Marches Into Pivotal Testing After Solid 4Q; Shares Fairly Valued as Sentiment Heats Up
Vertex’s cystic fibrosis powerhouse finished off the year with solid growth, which was augmented slightly by fourth-quarter inventory stocking (approximately $10 million-$15 million) but largely fell in line with our expectations. We do not anticipate major changes to our $175 per share fair value estimate. In our view, shares appear fairly valued after a gradual build of investor enthusiasm over the past few months for two anticipated catalysts. The first, the progression of two combo drug regi...
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