Monday, BMO Capital Markets reiterated their Outperform rating on Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), with a steady price target of $545.00. The firm’s analyst, Evan David Seigerman, provided insights on the company’s latest drug, Journavx, used for treating acute pain. The stock, currently trading at $496.31 and showing a strong 20.24% year-to-date return, remains near its 52-week high of $519.88 as the market anticipates first quarter earnings.
Seigerman highlighted the importance of tracking the weekly progress of Journavx through the firm’s script tracker. This tool monitors the total prescriptions (TRx) and new prescriptions (NRx) for the drug, offering investors regular updates on its adoption and performance in the market. With a market capitalization of $127.39 billion and the next earnings report scheduled for May 5, 2025, Vertex continues to demonstrate solid revenue growth of 11.66% over the last twelve months.
The analyst expressed confidence in the early stages of Journavx’s launch, emphasizing the potential growth trajectory as more data becomes available. BMO Capital Markets aims to keep investors informed with weekly script data, which they believe will be a valuable resource for understanding Vertex’s progress with Journavx. InvestingPro analysis reveals 13 additional key insights about Vertex’s financial health and market position, available exclusively to subscribers.
Investors interested in BMO’s model or estimates for Vertex’s performance are encouraged to contact the firm directly. Seigerman’s commentary suggests a positive outlook for Vertex’s Journavx as the company approaches its first-quarter earnings release.
The reaffirmed Outperform rating and price target reflect BMO Capital Markets’ ongoing optimism about Vertex’s market position and the anticipated success of its acute pain treatment, Journavx.
In other recent news, Vertex Pharmaceuticals has received approval from the European Commission for an expanded use of its cystic fibrosis drug, KAFTRIO®, making it accessible to an additional 4,000 patients in the European Union. This expansion includes patients aged 2 years and older with certain genetic mutations. Meanwhile, RBC Capital Markets has raised its price target for Vertex to $420, maintaining a Sector Perform rating, influenced by the promising early performance of Vertex’s new cystic fibrosis treatment, Alyftrek. The analyst anticipates a significant shift from Trikafta to Alyftrek, which could lead to increased operating margins for the company.
In related developments, Vertex announced it will not proceed with further trials for its VX-264 program for Type 1 Diabetes due to insufficient efficacy results. However, the company’s zimislecel therapy for T1D is progressing well and is expected to complete enrollment by 2025, with regulatory submissions planned for 2026. Canaccord Genuity has maintained a Hold rating on Vertex with a price target of $424, reflecting the halted VX-264 program. Additionally, Vertex is exploring new immunoprotective approaches for T1D, focusing on reducing the need for standard immunosuppressive regimens.
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