Morgan Stanley恢复覆盖Vertex并看好Crinetics收购带来的罕见内分泌药物增量

Vertex Pharmaceuticals ( VRTX ) traded higher on Wednesday after Morgan Stanley resumed its coverage with an Overweight recommendation and a $665 per share target, citing diversification benefits from the company’s recent acquisition of Crinetics Pharmaceuticals. On Tuesday, Vertex ( VRTX ), well known for its cystic fibrosis franchise, completed the $10B transaction, adding Crinetics’ lead product, Palsonify, which is indicated in the U.S. for adults with acromegaly, a rare hormonal disorder affecting an estimated 20K Americans. The transaction also provides Vertex ( VRTX ) with atumelnant, a once-daily oral therapy currently in late-stage development for congenital adrenal hyperplasia, a rare disorder impacting the adrenal glands. “The Crinetics acquisition adds immediate revenue from Palsonify and provides pipeline optionality with atumelnant,” Morgan Stanley analyst Terence Flynn wrote, projecting $1.6B in peak sales and $1.5B of peak risk-adjusted sales for the drugs, respectively. Flynn increased his 2026-2030 CAGR for Vertex ( VRTX ) to 13.8% from 12.1% after adding Crinetics to his valuation model, including an estimated $8.8B IPR&D charge related to the deal in 3Q26 and sales from Palsonify and atumelnant.