Vertex Pharmaceuticals price target lowered to $520 from $566 at BMO Capital

BMO Capital lowered the firm’s price target on Vertex Pharmaceuticals (VRTX) to $520 from $566 but keeps an Outperform rating on the shares. The company’s Suzetrigine Phase 2 LSR – lumbosacral radiculopathy – data slightly muddied the water for chronic pain, but the firm contends that Vertex can make Phase 3 amendments like a placebo run-in and specific site selection to mitigate placebo effects, bringing response rates more in line with previous trials, the analyst tells investors in a research note. BMO adds that it remains positive on the opportunity for suzetrigine in acute/chronic pain for Vertex Pharmaceuticals.