Vertex (VRTX) PT Lowered to $300 at Cowen

Cowen analyst Phil Nadeau lowered the price target on Vertex (NASDAQ: VRTX) to $300.00 (from $305.00) while maintaining a Outperform rating.

The analyst commented, "VRTX's Q3 CF rev. of $1.54B beat consensus ($1.47B) and '20 guidance was raised. We think much growth remains for VRTX's CF franchise as it penetrates younger patients and ex-U.S. markets. We expect VRTX to recover in 2021 as CF revenue grows, POC data from '864 (AAT) and '147 (FSGS) approach. We think the recent weakness was overdone, and would use it to build a position in this premier biotech."

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