RBC Capital analyst Brian Abrahams raised the firm’s price target on Vertex Pharmaceuticals to $379 from $347 and keeps a Sector Perform rating on the shares. The firm updated its model to account for an increased likelihood of success of VX-548 in chronic neuropathic pain based on what appears to be competitive and perhaps slightly better efficacy vs. the standard of care and a need for more treatment options, balanced by a few lingering safety unknowns, the analyst tells investors in a research note. The firm continues to estimate peak sales of $2.6B.
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