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The market pullback in the biotech sector is tumultuous for investors, but it may offer a great long-term investment entry point, according to a top analyst on Wall Street.
Brian Abrahams of Jefferies upgraded Vertex Pharmaceuticals from "Hold" to "Buy." He did, however, lower his price target from $142 to $120 given the recent decline. That new target still represents a rally of about 30 percent from Friday's close.
Abrahams is a top analyst in the biotech sector. His stock picks average a 19.4 percent one-year return with a 60 percent success rate. He is ranked in the top 4 percent of all Wall Street analysts according to TipRanks.
Here is why the analyst is bullish on Vertex.