** The U.S. Food and Drug Administration on Thursday approved Vertex Pharmaceuticals' VRTX.O drug, branded as Journavx, to treat acute pain, offering a first-of-its-kind alternative to addictive opioid painkillers that have fueled a national crisis
** Shares up 7.39% to $470.8 premarket
PRICING NOT HIGH AS FEARED
** BMO Capital Markets ("outperform", PT: $545) says approval in acute pain sets stage for VRTX's next leg of growth
** Truist Securities ("buy", PT:$460) says price tag of Journavx is certainly higher than generic opioids, but not as high as feared
** Leerink Partners ("outperform", PT: $542) notes the published drug labeling as a best-case scenario, pricing is roughly in line with its expectations
** TD Cowen ("buy", PT: $525) suspects it may take time for Journavx's launch to gain momentum
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))
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