Analyst Salveen Richter of Goldman Sachs maintained a Buy rating on Vertex Pharmaceuticals, boosting the price target to $624.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Salveen Richter’s rating is based on Vertex Pharmaceuticals’ strong commercial performance and promising future prospects. The company reported second-quarter product revenue that met expectations, and its non-GAAP earnings per share exceeded forecasts. Despite some setbacks in its pain portfolio, Vertex is prioritizing diabetic peripheral neuropathy, which is seen as a less risky path due to existing proof-of-concept.
Furthermore, the recent successful launches of Alyftrek in cystic fibrosis and Journavx in acute pain demonstrate Vertex’s effective commercial execution. The company is also making progress in gaining access and reimbursement, with two of the three largest pharmacy benefit managers already on board. Additionally, the potential for accelerated approval of povetacicept in IgA nephropathy could provide another significant revenue stream, further supporting the Buy rating.
In another report released today, Wells Fargo also upgraded the stock to a Buy with a $460.00 price target.
VRTX’s price has also changed moderately for the past six months – from $488.440 to $374.980, which is a -23.23% drop .