RBC raises Vertex PT, expects strong start for cystic fibrosis drug

Vertex Pharmaceuticals

01/04/2025 12:42

** Brokerage RBC Capital Markets raises PT on drugmaker Vertex Pharmaceutical VRTX.O to $420 from $408

** Brokerage suggests VRTX's cystic fibrosis treatment, Alyftrek, could be off to a "good start"

** The FDA approved VRTX's next-generation treatment for the genetic disease that affects lungs and other organs, in December 2024, after it showed non-inferiority to Vertex's Trikafta

** RBC says declines in Trifakta prescriptions leave open a good possibility that initial conversion to Alyftrek may be faster than expected, likely outpacing Street's $79 million sales expectations for Alyftrek in Q1

** Twenty-one of 33 brokerages rate the stock "buy" or higher, 12 "hold"; their median PT is $502.23, according to the data compiled by LSEG

** As of last close, VRTX has risen 16% in the past 12 months

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))