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Vertex Pharmaceuticals price target raised to $415 from $389 at BMO Capital

Vertex Pharmaceuticals price target raised to $415 from $389 at BMO Capital

BMO Capital raised the firm’s price target on Vertex Pharmaceuticals to $415 from $389 and keeps an Outperform rating on the shares after its Q3 results. The firm notes that despite the durable CF franchise and positive exa-cel AdCom recommendations, the near-term sentiment on the stock is driven by pain updates, namely the neuropathic and pivotal acute pain. Vertex has become known for beating CF revenue guides, but the firm continues to appreciate incremental growth in the franchise and could see eventual approval of the vanzacaftor triple as another opportunity to extend the company’s established moat, the analyst tells investors in a research note.

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