Vertex Pharmaceuticals: A Shift in Expectations
Revising the Outlook
Truist analyst Joon Lee has adjusted the firm’s price target for Vertex Pharmaceuticals (VRTX) to $460, down from $550, while maintaining a Buy rating. This move comes on the heels of “disappointing” Phase 2 results for suzetrigine in lumbosacral radiculopathy, which has led the firm to moderate its view of the treatment’s success rate from 60% to 30%.
A Mixed Bag
While the early approval of vanza triple, also known as Alyftrek, is a positive development, it was largely anticipated by the analyst community. However, Lee sees potential upside in the company’s pipeline, with updates expected in 2025.
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VRTX in Focus
Recent developments surrounding Vertex Pharmaceuticals have been making headlines. Scotiabank has raised its price target to $430 from $426, while Barclays has expressed surprise at the black box warning for Alyftrek. JPMorgan, on the other hand, has lowered its price target to $500 from $503. Meanwhile, the company has announced FDA approval for its cystic fibrosis drug and the approval of Alyftrek.
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