- Wells Fargo is out defending Vertex Pharmaceuticals (VRTX -3.6%). The stock is trading notably lower after Incivek sales came in sharply below expectations for Q3. The company is cutting jobs related to the HCV drug.
- "Overall we did not see any major surprises on the call; we believe the continuing Incivek decline and cuts to the commercial team were mostly expected," analyst Brian Abrahams says, adding that the company may now be in a better position to focus on cystic fibrosis.
- Abrahams also sees "a reasonable probability that expected Q1 2014 data [on VX-135] in combo with daclatasvir (BMY) will demonstrate competitive SVRs."
- Outperform rating maintained.
Wells Fargo says Vertex sell-off is overreaction
Oct 29 2013, 10:57 ET