Vertex Pharmaceuticals downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Vertex Pharmaceuticals to Market Perform from Outperform. With the Phase 3 acute pain data now behind investors, the company’s “thinning catalyst calendar” and current valuation that does not leave significant upside warrants a downgrade, the analyst tells investors in a research note. Vertex reports next Monday, and Bernstein also sees some risk that expense guidance disappoints like last year.