Vertex called top large-cap biotech franchise pick by Jefferies
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Jefferies has named Vertex Pharmaceuticals (VRTX +0.5%) its franchise pick among large-cap biotech stocks due to its high growth cystic fibrosis franchise and high margins.
The firm has a buy rating on the biotech and a $275 price target (~10% upside based on Monday's close).

Analyst Michael Yee said Vertex (VRTX +0.5%) "remains the cleanest story in large-cap biotech."
Citing the company's announcement Tuesday morning that it is advancing kidney disease candidate VX-147 into a pivotal trial, he noted that the company could reach its primary endpoint during an interim analysis at 12 months since the patients that will be enrolled are among the sickest and will show progress faster.
Also, change in estimated glomerular filtration rate (eGFR) takes around six to nine months to show improvement, so that should be evident at 12 months.
Read why Seeking Alpha contributor Philipp Stuelcken argues that Vertex is a buy.