Vertex (VRTX) PT Lowered to $436 at Canaccord

Canaccord analyst Whitney Ijem lowered the price target on Vertex (NASDAQ: VRTX) to $436.00 (from $437.00) while maintaining a Hold rating.

The analyst commented: "VRTX reported a slight top-line miss driven by lower-than-expected Trikafta sales, though it was mostly offset by the beat in Alyftrak sales. Mgmt noted that all new patients are starting on Alyftrak vs. Trikafta. Focus remains on pove for which the BLA submission is now complete; VRTX will be using a PRV and thus review time is expected to be 6mo from the date of FDA's acceptance of BLA. We recently conducted an IgAN-focused doc survey followed by a KOL call (see our thoughts here and here, respectively) - and our main takeaway was coverage will determine uptake. Docs are excited about B cell modulators as a class, and there is a slight preference for pove... but not enough to fight for coverage when sibe and ataci have relatively similar efficacy and safety profiles. All other clinical programs remain on track. Of note, dosing has resumed in the Ph1/2/3 Zimislecel (VX-880) T1D study and updated timelines are expected to be shared in the coming months. On the valuation front, nothing has changed, in our view: we feel the commercial and clinical stage pipeline are more than fully valued at current levels. Our DCF includes POS adjusted rev for VX-147, VX-548 (chronic pain), VX-880, prove, and an additional $2.5B "early pipeline" credit. Maintain HOLD."

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