UPDATE: J.P. Morgan Raises PT on Vertex Pharmaceuticals to $53

J.P. Morgan is out with its report today on Vertex Pharmaceuticals VRTX, raising its PT from $46 to $53. In a note to clients, J.P. Morgan writes, "Overall, we view Incivek pricing as an upside surprise but one that was widely anticipated by the market, and, at the end of the day, the Vertex story will likely soon shift to IMS data/actual sales/share, not clinical data interpretation. Based on the pricing, we're raising our 2011 and 2012 US sales assumptions by $82M (to $592M) and $255M (to $1.79B), respectively, which drives our PT to $53 from $46. Maintain Neutral." Shares of VRTX closed Monday at $55.81, up 1.47% from Friday's close.