Vertex stock price target maintained at $485 by Cantor Fitzgerald

Investing.com - Cantor Fitzgerald maintained its Overweight rating and $485.00 price target on Vertex Pharmaceuticals (NASDAQ:VRTX), currently trading at $421.15, ahead of the company’s third-quarter financial results. The biotech giant, with a market cap of $108 billion, maintains a "GREAT" financial health score according to InvestingPro analysis.

The research firm indicated that while it expects the quarterly results to be "largely in-line" with expectations, it is more focused on upcoming updates regarding Vertex’s renal franchise development. The company has demonstrated solid performance with a 10.5% revenue growth over the last twelve months, reaching $11.4 billion.

Cantor Fitzgerald noted that the renal franchise updates would likely "dominate" the upcoming earnings call, which is scheduled to occur just before the American Society of Nephrology (ASN) conference.

The firm expressed hope that these updates would help "frame the franchise’s potential" and establish the renal business as a significant complementary segment alongside Vertex’s cystic fibrosis (CF) franchise through 2026.

Cantor Fitzgerald’s maintained price target represents potential upside for Vertex shares, which have been closely watched by investors interested in the company’s pipeline expansion beyond its core CF treatments.

In other recent news, Vertex Pharmaceuticals has reported several key developments. RBC Capital has raised its price target for Vertex to $423 from $405, maintaining a Sector Perform rating, and anticipates that Vertex’s Trikafta sales will exceed consensus estimates, projecting $2.64 billion. The U.S. Food and Drug Administration has granted Breakthrough Therapy Designation to Vertex’s kidney drug povetacicept for treating IgA nephropathy, based on promising Phase 2 trial results. Leerink Partners upgraded Vertex to Outperform, citing a positive outlook for its pain medication Journavx and expecting increased revenue expectations by 2026. Italy’s Medicines Agency approved reimbursement for Vertex’s gene-editing therapy CASGEVY, a significant development given Italy’s large patient population with transfusion-dependent beta thalassemia and severe sickle cell disease. Additionally, Goldman Sachs reiterated its Buy rating on Vertex, emphasizing the company’s diversification beyond its cystic fibrosis franchise and projecting sales of approximately $14.5 billion by 2030. These recent developments highlight Vertex’s expanding portfolio and strategic advancements in various therapeutic areas.

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