Vertex Pharmaceuticals price target raised to $425 from $400 at BofA

BofA raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $425 from $400 and keeps a Buy rating on the shares to reflect top-line growth from potential pipeline expansion. Vertex’s late-stage pipeline has come into focus ahead of an FDA Advisory Committee for exa-cel for SC, in collaboration with Crispr Therapeutics (CRSP), coming up on October 31; VX-548’s phase 3 acute pain and phase 2 neuropathic pain readouts expected in late 2023 and early 2024; and Vertex’s next-generation Cystic fibrosis triple, vanzacaftor, phase 3 readout expected in early 2024, the analyst tells investors.