Vertex Pharmaceuticals price target raised to $477 from $466 at UBS

UBS raised the firm’s price target on Vertex Pharmaceuticals to $477 from $466 and keeps a Buy rating on the shares. The company reported a “decent” Q1 with results helped by inventory tailwind, as Trikafta performance benefited from channel inventory phasing in select outside-U.S. markets, the analyst tells investors in a research note. Vertex’s acute pain launch timelines was the primary focus for investors as expected, with updates provided across several pipeline programs, UBS added.