Vertex Pharmaceuticals price target raised to $545 from $535 at UBS

UBS raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $545 from $535 and keeps a Buy rating on the shares. The U.S. Pharmaceuticals and Biotechnology group is expected to perform well this year, supported by attractive valuations, light positioning, easing drug pricing overhangs, and continued pharma-led M&A activity that benefits biotech, the analyst tells investors in a research note. Despite concerns around conservative guidance after the recent rally, cheap big pharma and biotech valuations should sustain positive money flows into the sector, the firm says.