Sir
Evercore ISI has downgraded Vertex Pharmaceuticals (NASDAQ:VRTX) to In Line, citing the valuation and potential hurdles for its emerging pain treatment franchise.
Evercore said it was pausing the stock because the price had now crossed its price target and expects headwinds for its nascent painkiller program.
“Long-term, we like this program, especially given Vertex's portfolio approach, but believe there could be trading headwinds in the near term given market headwinds,” the analysts wrote in their note.
Evercore added that it believes the company's islet cell program for type 1 diabetes “could be a sleeping giant with a scale that could challenge cystic fibrosis,” but that it is in an early stage and “we have a lot to do.” learn about how these cells will behave in humans and how much glycemic control they will be able to afford.”
Evercore set its price target at $438.
