H.C. Wainwright Reiterates a Buy Rating on Vertex Pharmaceuticals (VRTX)

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is one of the most profitable biotech stocks to buy. H.C. Wainwright analyst Andrew Fein reiterated a Buy rating on Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) on October 21, setting a price target of $478.

The analyst based the optimistic rating on the positive potential of the company’s kidney franchise, stating that its innovative approach with povetacicept employing a dual BAFF/APRIL blockade is considered to offer lasting and more profound disease control in comparison to single-pathway treatments.

Early data supports this by showing considerable proteinuria reduction and stabilization of eGFR. According to Fein, this points towards a multi-billion-dollar opportunity and paves the way for it to become a first-in-class treatment.

He also cited Vertex Pharmaceuticals Incorporated’s (NASDAQ:VRTX) strategic expansion into primary membranous nephropathy (PMN), as the condition does not have any approved therapies, and this positions povetacicept as a potential first-in-class option.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a global biotechnology company that develops medicines for rare serious diseases. Its four approved medicines treat cystic fibrosis (CF), and one approved therapy treats severe sickle cell disease (SCD) and transfusion-dependent beta-thalassemia (TDT). The company’s product pipeline includes clinical-stage programs for various disorders, including TDT, SCD, CF, acute and neuropathic pain, APOL1-mediated kidney disease, type 1 diabetes, myotonic dystrophy type 1, and alpha-1 antitrypsin deficiency.

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Disclosure: None. This article is originally published at Insider Monkey.