Vertex Pharmaceuticals price target raised to $451 from $437 at RBC Capital

RBC Capital raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $451 from $437 but keeps a Sector Perform rating on the shares after its Q3 earnings beat. The company’s cystic fibrosis beat and raise shows the continued health of its core franchise and is likely to perpetuate justification of the stock’s premium valuation, the analyst tells investors in a research note. RBC warns however that the setup into FY25 may not be as clean as FY24 was, with suzetregine in upcoming LSR data likely to work but not necessarily excite and acute pain and Casgevy launches likely being slow.