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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on VRTX:
- Vertex Pharmaceuticals price target raised to $408 from $399 at Barclays
- Vertex raises FY23 CF product revenue view to about $9.85B
- Vertex Pharmaceuticals reports Q3 EPS $3.98, consensus $3.97
- Fly Insider: Barnes Group, Palo Alto among week’s notable insider trades
- Notable companies reporting after market close
Questions or Comments about the article? Write to editor@tipranks.com