Morgan Stanley raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $596 from $570 and keeps an Overweight rating on the shares after the company announced data from a pre-specified Week 36 interim analysis of the ongoing Phase 3 RAINIER trial of povetacicept in immunoglobulin A nephropathy. The “positive” interim Phase 3 data represents “an important de-risking step,” says the analyst, who cites a higher view of the odds of success for the drug for the firm’s raised price target
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Read More on VRTX:
- Vertex Pharmaceuticals price target raised to $585 from $575 at Citi
- Vertex Pharmaceuticals initiated with a Buy at Jefferies
- Vertex Pharmaceuticals: Upgraded Confidence in Povetacicept Drives Strengthened Buy Thesis After Robust Phase III RAINIER Data in IgA Nephropathy
- Vertex Pharmaceuticals up 7% at $492 after positive Povetacicept results
- Vertex Pharmaceuticals announces positive week 36 results in Povetacicept study