Barclays upgraded Vertex Pharmaceuticals (VRTX) to Overweight from Equal Weight with a price target of $606, up from $414, after assuming coverage of the name. Barclays initiated coverage of 12 biotech stocks and assumed coverage of 11 with a positive view of the industry. The analyst likes the setup for the group in 2026. Many biotech stocks remain undervalued, the analyst tells investors in a research note. The firm expects continued mergers and acquisitions, “strong” underlying fundamentals, and less of a focus on drug pricing to act as “significant tailwinds.” Barclays is bullish on Vertex’s renal franchise readouts this year. It expects the franchise to get “significantly more credit” in 2026.
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