Raymond James reinstated coverage of Vertex Pharmaceuticals with a Market Perform rating. The firm still believes shares are fairly valued as the stock appears to be pricing in significant value for the company’s pipeline, which still carries “substantial development risk,” the analyst tells investors. The only near term driver for top-line growth beyond the Cystic Fibrosis franchise is acute pain, which the firm continues to view as “a modest commercial opportunity,” the analyst added.
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