Vertex Pharmaceuticals price target raised to $621 from $617 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $621 from $617 and keeps a Buy rating on the shares. The company reported Q1 product revenue of $2.77B, roughly in-line with consensus, while noting a decline in Trikafta sales, including a $100M headwind in Russia due to an illegal copy product, the analyst tells investors in a research note. Goldman adds however that it remains focused on Vertex’s two recent launches – Alyftrek in cystic fibrosis, with revenue of $54M, and Journavx in acute pain, where Vertex expects revenue contribution in the second half of the year.