Vertex Pharmaceuticals price target lowered to $421 from $424 at RBC Capital

RBC Capital lowered the firm’s price target on Vertex Pharmaceuticals to $421 from $424 and keeps a Sector Perform rating on the shares after the company presented new data at ECFS on TRIKAFTA treatment in Cystic Fibrosis, or CF. The firm remains positive on the current and future CF franchise fundamentals and the company’s emerging kidney disease assets, but with shares at all-time highs, investors’ pipeline optimism is “more than baked in”, the analyst tells investors in a research note.