Vertex (VRTX) PT Raised to $210 at Baird

Baird analyst Brian Skorney raised the price target on Vertex (NASDAQ: VRTX) to $210.00 (from $200.00) while maintaining an Outperform rating.

The analyst commented, "This afternoon it was announced that the FDA approved Vertex's CF triple combination therapy, Trikafta. While this approval was widely expected, the rapidity at which the FDA was able to review and approve this medication was faster than we believe most anticipated. As such, we are moving forward our US launch expectations for the triple combination from 3Q20 to 4Q19. As a result of this earlier-than-expected revenue recognition we are also increasing our price target to $210."

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