In a report released on May 2, Evan Seigerman from BMO Capital maintained a Buy rating on Vertex Pharmaceuticals (VRTX – Research Report), with a price target of $557.00.
Evan Seigerman’s rating is based on several key factors that highlight the potential growth and stability of Vertex Pharmaceuticals. The company has shown promising early results with the launch of Journavx, a treatment for acute pain, as evidenced by a steady increase in total prescriptions. While the growth rate has slowed slightly week-over-week, the initial strength of the launch is promising for future revenue contributions.
Additionally, Vertex’s management is actively working to ensure the success of Journavx by securing broad coverage, enhancing physician awareness, and ensuring product availability at pharmacies. Beyond Journavx, Seigerman points to Vertex’s strong pipeline, particularly the encouraging developments in VX-548 and VX-147, which bolster confidence in the company’s capacity for pipeline expansion. These factors collectively support the Buy rating, suggesting potential for share price appreciation.