In a report released yesterday, Alethia Young from Cantor Fitzgerald reiterated a Buy rating on Vertex Pharmaceuticals (NASDAQ: VRTX), with a price target of $217. The company’s shares closed yesterday at $176.43.
“. We reiterate our Overweight rating and $217 12-mongh price target on VRTX. CTX001 timelines remain on-track as the US FDA clinical hold is lifted. The FDA lifted the clinical hold on CTX001 for which Vertex and CRISPR have a strategic collaboration, and CTX001 is the first treatment from this collaboration being developed for sickle cell disease and Beta-thalassemia. We are not concerned about the clinical hold given we thought that the agency might move cautiously with novel therapies, and we have seen similar cases in gene therapy. CTX001 disrupts BCL11A (repressor of fetal hemoglobin) by using gene editing technology called CRISPR/Cas9.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 6.5% and a 48.9% success rate. Young covers the Healthcare sector, focusing on stocks such as Puma Biotechnology, Intercept Pharma, and PTC Therapeutics.
Vertex Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $198.09, which is a 12.3% upside from current levels. In a report issued on October 2, Raymond James also initiated coverage with a Buy rating on the stock.
Vertex Pharmaceuticals’ market cap is currently $47.32B and has a P/E ratio of 110.96. The company has a Price to Book ratio of 16.74.
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Vertex Pharmaceuticals, Inc. engages in the business of discovering, developing, manufacturing and commercializing small molecule drugs for patients with serious diseases. It focuses on development and commercializing therapies for the treatment of cystic fibrosis; infectious diseases, including viral infections, such as influenza, and bacterial infections; autoimmune diseases, such as rheumatoid arthritis; cancer, inflammatory bowel disease; and neurological disorders, including pain, Huntington’s disease and multiple sclerosis. The company was founded by Joshua S. Boger in 1989 and is headquartered in Boston, MA.
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