We are lifting our opinion on shares of VRTX because we have become less concerned about the company's late 2018 and early 2019 CFO departures. We still think that there is some chance that the CFO departures may relate to accounting concerns; however, the positive potential of VRTX's early- to mid-stage stage clinical candidates outweigh the risks, in our opinion. For example, VRTX is researching and developing non-opioid based pain therapy and CRISPR-based gene-editing capabilities -- technologies that hold great promise if successful. We think that VRTX's current valuation mostly captures the value of the company's cystic fibrosis franchise and does not assign much value to the company's early- to mid-stage pipeline. In addition, the company is in a financially strong position from a debt and cash flow perspective, which we view favorably, especially given growing concerns of declining macroeconomic conditions.
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