Vertex Pharmaceuticals price target raised to $525 from $490 at Truist

Truist analyst Joon Lee raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $525 from $490 and keeps a Buy rating on the shares. The company reported positive Week-36 interim results from the Phase 3 RAINIER study in IgAN after close, meeting all primary and 2nd endpoints with deep and consistent responses across subgroups and a clean safety profile, the analyst tells investors in a research note. The firm also raises its probability of success of pove in IgAN to 85% from 50%.