Evercore ISI upgraded Vertex Pharmaceuticals (VRTX) to Outperform from In Line with a $438 price target after the “surprise move” to acquire Alpine Immune Sciences (ALPN) for $65 per share or $4.9B in cash. The firm thinks this is “a solid acquisition” aligned with Vertex’s emerging footprint in nephrology following advancement of inaxaplin in AMKD and VX-407 in ADPKD, the analyst tells investors in a research note.
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