Oppenheimer raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $410 from $350 and keeps an Outperform rating on the shares after the company reported Q1 sales/earnings and presented a business update on May 1. The firm notes the company beat its expectations comfortably on the top line and has maintained its guidance for full year 2023 revenues and non-GAAP OPEX. Oppenheimer believes that with little competition to Vertex following AbbVie’s (ABBV) withdrawing from cystic fibrosis treatment, Vertex’s CFTR patents running through the end of 2030s, and a burgeoning pipeline, the stock deserves a premium valuation.
Published first on TheFly
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