Citi analyst Geoff Meacham has maintained their bullish stance on VRTX stock, giving a Buy rating yesterday.
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Geoff Meacham has given his Buy rating due to a combination of factors that highlight the potential for Vertex Pharmaceuticals to benefit from recent developments. The FDA’s draft guidance on the development of non-opioid analgesics for chronic pain is a significant factor, as it outlines a clear pathway for approving new chronic pain products. This is particularly relevant for Vertex’s suzetrigine, which is positioned as a non-addictive, non-opioid option for polyneuropathic pain.
Meacham believes that the FDA’s initiative to support non-opioid products is an encouraging sign for the future of Vertex’s offerings in the chronic pain market. Despite the anticipated timeline for suzetrigine’s label expansion remaining on track, the FDA’s guidance suggests a favorable regulatory environment that could enhance Vertex’s market position. With an expected share price return of 38.7%, Meacham maintains a Buy rating with a target price of $550, reflecting confidence in the company’s growth prospects.
According to TipRanks, Meacham is a 3-star analyst with an average return of 2.6% and a 53.46% success rate. Meacham covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, Gilead Sciences, and Vertex Pharmaceuticals.