Vertex (VRTX) PT Raised to $437 at RBC Capital

RBC Capital analyst Brian Abrahams raised the price target on Vertex (NASDAQ: VRTX) to $437.00 (from $425.00) while maintaining a Sector Perform rating.

The analyst comments "We conducted a deep dive into the upcoming ph.II suzetregine LSR chronic pain results. On one hand, our analysis suggests it should technically hit stat. sig. vs. baseline and very likely show effects over placebo, which if clean maintains its potential as an attractive non-opioid option in a high unmet need, multi-$B condition. VRTX could get it over the line with a large but feasible, highly powered ph.III. On the flip side, the likely modest effect size may raise some concerns over ph.III replicability risk, breadth of commercial use, and real-world patient persistence, which may cap upside. Increasing tgt to $437 from $425 on incremental sales/PoS increases though at stock levels still reflecting meaningful (~ $25B) pipeline value and with riskier launches (Casgevy, acute pain) and readouts ('264, '522) coming in '25, we see the net setup as balanced (+/-6-7%) and remain neutral."

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