Baird Downgrades Vertex (VRTX) to Neutral

Baird downgraded Vertex (NASDAQ: VRTX) from Outperform to Neutral with a price target of $33 (down form $62).

The firm comments, "Our timing is sub-optimal with valuation already under heavy pressure from Incivek weekly script trends (which we still expect to improve) and the HCV competitive landscape. We remain positive on Cystic Fibrosis, but investors first need confidence in the HCV floor, and we've lost conviction this stock can "thread the needle" in an environment of new uncertainty (and resignation?) coming from the company itself. We'd look for better buying opportunities between now and those CF events H1-12."

For an analyst ratings summary and ratings history on Vertex click here.For more ratings news on Vertex click here.

Shares of Vertex closed at $33.22 yesterday.

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