Piper Jaffray analyst Edward Tenthoff says shares of Vertex Pharmaceuticals are trading near 52-week lows following the company's "weak" Q3 guidance. The analyst believes investors should look past the outlook and he lays out six reasons for why to own the shares.

The company will present Phase III ORKAMBI data on 58 homozygous F508del children aged 6-11 at the North American Cystic Fibrosis Conference being held from October 27-29, which formed the basis for label expansion, Tenthoff tells investors in a research note.

Second, Vertex is launching ORKAMBI in homozygous F508del children, which should reaccelerate Q4 sales, the analyst contends. He also expects European reimbursement to come on-line in 2017, aiding revenue. The analyst sees revenue growth driving profitability and reiterates an Overweight rating on Vertex with a $129 price target.

The stock closed Friday down $1.33 to $79.23.