Maxim upgrades Vertex to Buy on diversification of revenue

Maxim upgraded Vertex Pharmaceuticals (VRTX) to Buy from Hold with a $575 price target The firm believes povetacicept can be a blockbuster and has “pipeline-in-a-product potential.” When combined with the contributions from Journavx and Casgevy, Vertex has three products that “could move the needle” and provide diversification from the cystic fibrosis franchise, the analyst tells investors in a research note. Maxim views the shares as an attractive investment in a challenging biotech and macro environment.