We continue to be confused by management’s strong defense” of the data, which look “very messy,” wrote Paul Matteis, an analyst at the investment bank Stifel, in a note to clients.
Matteis argues that Vertex’s analysis of those 40% of trial sites “doesn’t do much” to show the drug offers “real clinical benefit.” Additionally, the placebo response isn’t much different than what would’ve been expected based on prior trials in this condition. “Simply put, it’s not obvious that this study failed because of placebo performance,” he wrote.