H.C. Wainwright raised the firm’s price target on Vertex Pharmaceuticals (VRTX) to $641 from $591 and keeps a Buy rating on the shares. The company reported positive week 36 interim results from the RAINIER study, the largest and fastest-enrolling Phase 3 trial in IgA nephropathy, with povetacicept achieving a 49.8% placebo-adjusted Urine Protein-to-Creatinine Ratio reduction, the analyst tells investors in a research note. H.C. Wainwright cites the “derisking” of the povetacicept franchise for the target boost.
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