Vertex Pharmaceuticals price target raised to $550 from $465 at Argus

Argus analyst Jasper Hellweg raised the firm’s price target on Vertex Pharmaceuticals to $550 from $465 and keeps a Buy rating on the shares, citing its continued pipeline progress, M&A activity, and financial strength. The company continues to benefit from strong sales of its cystic fibrosis drug Trikafta/Kaftrio, which saw its sales grow 18% during the first quarter, while also expanding the reach of its other CF drugs, such as Kalydeco, for which the European Commission granted a label expansion to treat infants at least 1 month of age, the analyst tells investors in a research note. Argus further notes Vertex’s acquisition of Alpine Immune Sciences (ALPN), whose lead product povetacicept has demonstrated best-in-class potential in patients with IgA nephropathy a serious, progressive, autoimmune disease of the kidney that can lead to end-stage-renal disease.