Oppenheimer raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $600 from $540 and keeps an Outperform rating on the shares. The firm notes the company announced positive results from week-36 interim analysis of the Phase 3 RAINIER trial of povetacicept in IgA Nephropathy. Bottom line, Oppenheimer views the update as meeting its best-case scenario that underpins its upgrade thesis, with povetacicept achieving 52.0% reduction from baseline in UPCR along with a consistent safety profile.
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