Royalty Pharma price target lowered to $40 from $60 at Citi

Citi lowered the firm’s price target on Royalty Pharma (RPRX) to $40 from $60 and keeps a Buy rating on the shares following a transfer of coverage. Royalties from Vertex’s portfolio of assets in cystic fibrosis have been a significant contributor for Royalty Pharma since acquiring royalty rights from the cystic fibrosis Foundation ten years ago, the analyst tells investors in a research note. The firm says new data or launches could drive demand and a “growth step” for the company.