Vertex Pharmaceuticals price target raised to $430 from $426 at Scotiabank

Scotiabank raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $430 from $426 and keeps a Sector Perform rating on the shares. The FDA recently approved Vertex’s vanzacaftor triple therapy for the treatment of cystic fibrosis, CF, in patients 6 years of age and older, which was widely expected given the “strong” clinical data, the analyst tells investors. Rollout for the drug should be rapid, but switching dynamics with Trikafta, the company’s other drug for CF, could take some time given its “excellent clinical profile,” the firm adds. Overall, the approval is a win for Vertex and should allow the company to maintain its leadership position in CF, Scotiabank concludes.