Vertex Pharmaceuticals price target lowered to $275 from $446 at Barclays

Barclays analyst Gena Wang lowered the firm’s price target on Vertex Pharmaceuticals to $275 from $446 and keeps an Overweight rating on the shares. The company announced in line Q4 results and 2024 revenue guidance, and disclosed next generation vanzacaftor triple combo Phase 3 data in cystic fibrosis, where data were largely consistent with expectations, the analyst tells investors in a research note. The firm sees further upside in the shares driven by new drug launches and pipeline updates.