BofA raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $598 from $571 and keeps a Buy rating on the shares after the company reported “positive” interim data from the Phase 3 trial of povetacicept in immunoglobulin A nephropathy. The firm, which currently models $2.9B in risk-adjusted peak sales in IgAN, thinks this data de-risks other indications and should increase investor interest in the company’s growing nephrology pipeline.
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Read More on VRTX:
- Vertex Pharmaceuticals price target raised to $596 from $570 at Morgan Stanley
- 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