Analyst David Risinger from Leerink Partners maintained a Hold rating on Vertex Pharmaceuticals and decreased the price target to $458.00 from $503.00.
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David Risinger has given his Hold rating due to a combination of factors impacting Vertex Pharmaceuticals. One of the primary reasons is the mixed updates from the company’s second quarter results, which led to a reduction in the price target from $503 to $458. This adjustment reflects changes in the long-term growth outlook, particularly due to setbacks in the company’s pain management portfolio.
Specifically, the failure of the VX-993 candidate in a Phase 2 acute pain study and the decision not to pursue a Phase 3 trial for Journavx in lumbosacral radiculopathy have raised concerns about the future sales potential of these products. Despite these challenges, management remains hopeful about advancing other candidates, such as a Nav1.7 inhibitor. Additionally, the upcoming interim readout of the povetacicept Phase 3 trial in IgA nephropathy is a key future catalyst. These elements combined suggest a cautious stance, justifying the Hold rating.
According to TipRanks, Risinger is a 5-star analyst with an average return of 8.8% and a 54.36% success rate. Risinger covers the Healthcare sector, focusing on stocks such as Regeneron, Eli Lilly & Co, and Bristol-Myers Squibb.
In another report released today, Canaccord Genuity also maintained a Hold rating on the stock with a $411.00 price target.