Evan Seigerman, an analyst from BMO Capital, maintained the Buy rating on Vertex Pharmaceuticals. The associated price target remains the same with $530.00.
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Evan Seigerman has given his Buy rating due to a combination of factors that highlight the potential growth and strategic positioning of Vertex Pharmaceuticals. One of the key reasons is the promising launch of Journavx for acute pain treatment, despite a temporary dip in prescriptions attributed to a shortened holiday week. The management’s efforts to secure broad coverage and increase physician awareness are expected to drive future prescription growth, which is crucial for the company’s revenue stream.
Additionally, Seigerman’s confidence is bolstered by Vertex’s strong foundational opportunities in cystic fibrosis, which continue to support pipeline expansion. Encouraging updates in the company’s pipeline, particularly with VX-548 and VX-147, further reinforce the potential for share upside. These developments, along with promising early-stage pipeline prospects like VX-880 for type 1 diabetes, contribute to the positive outlook for Vertex Pharmaceuticals.
In another report released on September 11, Evercore ISI also maintained a Buy rating on the stock with a $475.00 price target.
VRTX’s price has also changed moderately for the past six months – from $488.340 to $397.370, which is a -18.63% drop .