Truist Raises Vertex (VRTX) Price Target Following Phase 3 Trial Results

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) ranks among the best high profit margin stocks to buy. On March 10, Truist Securities boosted its price target for Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) to $525 from $490, while keeping a Buy rating on the company’s shares. The firm cited encouraging Week-36 interim findings from Vertex’s Phase 3 RAINIER study in IgAN.

The trial satisfied all primary and secondary objectives, demonstrating deep, consistent answers across subgroups and a strong safety profile. The trial results are the first of several major catalysts for Vertex’s rare kidney lineup, which has recently gained investor attention.

Stifel, which has a Hold rating on VRTX shares, also remarked on the study’s findings, saying they are highly statistically relevant and should meet the clearance criteria. However, the firm stated that it is uncertain whether the medication differs from competing products such as Otsuka’s sibeprenlimab in the increasingly saturated IgAN market.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a global biotechnology company. It develops and commercializes therapies for serious diseases, with a primary focus on cystic fibrosis and genetic disorders.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.