Royalty Pharma price target raised to $54 from $51 at Morgan Stanley

Morgan Stanley analyst Terence Flynn raised the firm’s price target on Royalty Pharma (RPRX) to $54 from $51 and keeps an Overweight rating on the shares. Year-to-date, large cap pharma and biotech companies have both underperformed given the macro environment, while multiple areas of policy uncertainty remain, including drug pricing dynamics, tariff and transfer pricing exposure, and FDA staffing changes, the analyst tells investors in a research note.