Vertex Pharmaceuticals price target raised to $433 from $430 at Scotiabank

Scotiabank raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $433 from $430 and keeps a Sector Perform rating on the shares. Vertex’s suzetrigine, branded Journavx, was recently approved by the FDA, which was widely expected, but the initial daily price of $31 is a bit above the threshold of $8 per day the firm’s key opinion leaders cites as the limit to ensure broad uptake, the analyst tells investors. Journavx’s value proposition as an opioid alternative, however, should not be ignore and could still drive uptake in acute pain.