Vertex Pharmaceuticals price target lowered to $450 from $456 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Vertex Pharmaceuticals (VRTX) to $450 from $456 and keeps an Equal Weight rating on the shares. The launch of Casgevy, the first gene-editing therapy ever approved, has been slow for sickle cell disease and transfusion-dependent beta thalassemia, the analyst tells investors in a research note. The firm also believes that future in vivo genetic medicine therapies “could abrogate the laborious requirements” of ex vivo therapies like Casgevy. As such, it reduced its Casgevy estimates.