Vertex (NASDAQ:VRTX) Has Setback in Telaprevir Therapy

When Vertex (NASDAQ:VRTX) gave an update on their work on trying to shorten telaprevir therapy to 12 weeks, it appears they've met a setback, and at this time is fully valued, said Canaccord.

Canaccord noted, "We think the company’s update yesterday poses a setback to attempts to further shorten telaprevir therapy to 12 weeks (from 24 weeks in some patients) in an all-oral approach. We think there are other competitors such as Pharmasset (Nasdaq:VRUS)(BUY) that might offer stiff competition in a successful all-oral therapy. We expect approval of telaprevir + peg/riba in 2011 and view the stock as fully valued at current levels."

Canaccord Genuity maintains a "Hold" rating on Vertex, which closed Wednesday at $35.11, down $1.21, or 3.33 percent. Canaccord has a price target of $35 on them.