SVB Securities analyst David Risinger lowered the firm’s price target on Vertex Pharmaceuticals to $365 from $374 and keeps an Outperform rating on the shares following Q4 results and guidance for 2023. The firm now anticipates R&D spending growth of 25% and SG&A growth of 20% as management invests aggressively in the company’s pipeline. Importantly, Vertex management expressed high conviction in Phase 3 success for its next-gen triple for CF and for VX-548 in acute pain in late 2023 / early 2024. This gives SVB greater confidence in the potential for compelling pivotal trial results.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on VRTX:
- Vertex Pharmaceuticals price target raised to $325 from $300 at H.C. Wainwright
- Vertex Pharmaceuticals price target raised to $342 from $313 at Barclays
- Vertex Pharmaceuticals board authorizes $3.0B buyback
- Vertex Pharmaceuticals reports Q4 EPS $3.76, consensus $3.51
- Vertex options imply 3.7% move in share price post-earnings
