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Biotech / Medical : Vertex Pharmaceuticals (VRTX)
VRTX 437.17+0.6%Nov 14 9:30 AM EST
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To: rkrw who wrote (279)6/23/1999 7:44:00 PM
From: Miljenko Zuanic  Read Replies (1) of 1169
 
Huh, it seams that F. Berger from JPM see initials scrips in different light. Will count time relapse, before he upgrade numbers.

RESEARCH ALERT - Vertex Pharmaceuticals started
Reuters Story - June 23, 1999 08:56
NEW YORK, June 23 (Reuters) - J.P. Morgan Securities drug analyst Franklin Berger said in a research note on Wednesday that he initiated coverage of Vertex Pharmaceuticals Inc. as a market performer.

-- Berger set a 12-month price target of $24 a share.

-- Berger estimates the company will lose $1.59 per share for 1999 and lose $1.74 per share for 2000. Berger expects Vertex to show a loss of 53 cents a share for the second quarter of 1999.

-- "Vertex's profitability hinges on a second successful product."

-- "Vertex's first marketed drug, Agenerase, an HIV protease inhibitor, will not match the sales ramp-up of earlier HIV protease inhibitors. The HIV market continues to evolve rapidly."

-- Berger said in the note that the company has an uphill battle against drug-resistant viruses, patient concerns, and market perception. Agenerase is marketed by Glaxo Wellcome Plc "and has the potential to become a $250+ million product. We estimate Vertex will receive worldwide net royalties of between 12 percent and 15 percent.

-- "Vertex has an enviable product pipeline grown from strong scientific and clinical development skills."

-- Share price was off 1/4 at 23-5/8 on the Nasdaq stock market.
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