BofA lowered the firm’s price target on Vertex Pharmaceuticals (VRTX) to $522 from $545 and keeps a Buy rating on the shares after the company reported topline Phase 2 results for suzetrigine in lumbosacral radiculopathy. Though the drug showed a clinically meaningful reduction in pain from baseline, the response was undifferentiated from placebo, notes the analyst, who continues to see value in the promise of a differentiated pain platform, but now takes “a more conservative view as we await more visibility on the data and feedback from FDA.” The firm lowered its pipeline value for Vertex by 30% to $14B, the analyst noted, adding that the firm’s thesis continues to be driven by the company’s strong commercial execution in cystic fibrosis.
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Read More on VRTX:
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- Vertex Pharmaceuticals price target raised to $494 from $490 at Stifel
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