Vertex Pharmaceuticals price target raised to $456 from $450 at Piper Sandler

Piper Sandler raised the firm’s price target on Vertex Pharmaceuticals to $456 from $450 and keeps an Overweight rating on the shares after a meaningful Q1 top- and bottom-line beat. While management alluded to some ex-U.S. channel inventory tailwind, the lion’s share of this story is about late-stage pipeline progress. More specifically, Piper is encouraged that the NDA for vanza has already been submitted, potentiating a January 2025 approval, and the rolling NDA for suzetrigine in acute pain has also been started with completion this quarter.