Vertex Pharmaceuticals (VRTX) weakness creates buying opportunity, says Piper Jaffray

After a test of Vertex's KALYDECO +VX-809 in cystic fibrosis patients indicated that the drug failed to improve lung functioning by a statistically significant amount, Piper still believes that Vertex's cystic fibrosis franchise represents a blockbuster opportunity. The firm reiterates a $75 target and Overweight rating on the stock.