Adding Vertex to the Best Ideas List; Shares Trading at a 15% Discount to Our FVE Ahead of Catalysts
We have added Vertex to our Best Ideas list—the stock currently trades at a 15% discount to our $175 per share fair value estimate ahead of expected approval of the company's next-generation cystic fibrosis doublet tezacaftor/ivacaftor and anticipated progression of its triple-combination program to pivotal trials, both early next year. We recently increased our fair value to $175 per share from $170 to reflect higher-than-expected uptake of Orkambi and Kalydeco sales in the company’s third-quar...
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