Vertex cut to Hold at Maxim on less confidence in VX-548 being blockbuster

As previously reported, Maxim downgraded Vertex Pharmaceuticals to Hold from Buy and removed the firm’s prior price target on the shares as the firm now expresses less confidence in VX-548’s blockbuster opportunity based on the Phase 3 outcomes. Vertex’s pipeline has matured over the last several years, now having Casgevy approved for both SCD and TDT, and VX-548 likely obtaining approval for post-operative pain next, but it is unclear if either of these products will see aggressive adoption to drive Vertex’s growth in both the short and long term, the analyst tells investors.