Analyst Evan Seigerman from BMO Capital maintained a Buy rating on Vertex Pharmaceuticals (VRTX – Research Report) and keeping the price target at $557.00.
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Evan Seigerman has given his Buy rating due to a combination of factors that highlight Vertex Pharmaceuticals’ promising outlook. The company is in the early stages of launching Journavx for acute pain treatment, and although there was a slight decline in prescription numbers during the holiday week, the overall trajectory remains positive. Seigerman notes that the management is actively working to ensure a successful launch by securing broad coverage, increasing physician awareness, and ensuring product availability, which are critical steps for driving future growth.
Furthermore, Seigerman points out that Vertex’s pipeline opportunities, especially in cystic fibrosis, remain strong and foundational for further expansion. Encouraging developments in their VX-548 and VX-147 programs bolster confidence in the company’s ability to capitalize on its pipeline, including promising prospects like VX-880 for type 1 diabetes. These factors collectively support the Outperform rating, suggesting potential for share price appreciation.
Seigerman covers the Healthcare sector, focusing on stocks such as Bristol-Myers Squibb, Novo Nordisk, and Vertex Pharmaceuticals. According to TipRanks, Seigerman has an average return of 4.1% and a 45.55% success rate on recommended stocks.
In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $567.00 price target.