This High-Flying Stock Just Got Some Bad News: Should You Sell?
Biotech giant Vertex Pharmaceuticals (NASDAQ: VRTX) ended 2023 with an important regulatory approval. The company's gene-editing therapy for a duo of blood-related disorders, Casgevy, earned the nod in several countries. This development capped off another excellent year for the drugmaker, one during which -- as usual -- it crushed the market.
However, at least on the clinical front, Vertex isn't exactly starting 2024 with a bang. The company recently released positive but somewhat disappointing data from a phase 3 clinical trial for one of its otherwise promising drug candidates. Let's take a closer look at this news and what it means for investors.
There is no shortage of medications for acute pain on the market, including some that can easily be acquired over the counter. Still, many of them, particularly those that contain opioids, come with severe potential side effects, not to mention the possibility of abuse. Vertex's goal is to develop pain meds that can be as effective as opioid-based ones but without similarly detrimental side effects.
Source Fool.com
Vertex Pharmaceuticals Inc. Stock
The stock is one of the favorites of our community with 47 Buy predictions and 2 Sell predictions.
On the other hand, the target price of 423 € is below the current price of 424.5 € for Vertex Pharmaceuticals Inc., so the potential is actually -0.35%.
