Vertex (VRTX) Stock PT Lowered to $420 on slower Alyftrek Uptake

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is one of the 10 biotech stocks screaming a buy. On June 17, RBC Capital reiterated a Sector Perform rating on the stock but cut the price target to $420 from $423. The adjustment is in response to the company confirming gradual patient conversion from Trikafta to the company’s next-generation cystic fibrosis treatment, Alyftrek.

A research team in lab coats testing a new ImmunoPhage platform in a modern biotechnology lab.

RBC Capital remains concerned about the gradual conversion compared to consensus expectations. Consequently, it has warned it could affect the company’s operating margins by up to 2%. Nevertheless, the research firm insists that the company’s cystic fibrosis franchise remains well-insulated from sector headwinds.

However, RBC Capital has reiterated that Vertex could require stronger execution to adopt Alyftrek to justify the current valuation in the market. Consequently, its reduced price target reflects lower year Alyftrek conversion rates.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a global biotechnology company that develops and commercializes therapies for serious diseases. They are known for their work in cystic fibrosis (CF) and are expanding into other areas like cell and genetic therapies.

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