Vertex Pharmaceuticals price target raised to $494 from $490 at Stifel

Stifel raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $494 from $490 and keeps a Hold rating on the shares. With shares up 14% year-to-date, the stock has outperformed benchmark indices in the sector, primarily driven by continued enthusiasm surrounding its pain program and the general view that there’s significant scarcity value with “multiple exciting pipeline assets in the backdrop of its uniquely profitable/durable CF franchise,” the analyst tells investors. Vertex’s Phase 2 study readout in lumbosacral radiculopathy is “the next test” and “a key binary event” coming in late-2024, the analyst added.