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Merriman Curhan Ford Downgrades Vertex Pharmaceuticals (VRTX) to Neutral; Valuation Call

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November 17, 2009 7:23 AM EST

Merriman Curhan Ford downgrades Vertex Pharmaceuticals, Inc. (Nasdaq: VRTX) from Buy to Neutral. Fair value range between $32-39.

Merriman analyst says, "Vertex is at the forefront of developing therapeutics for the treatment of the hepatitis C virus. Their lead compound, telaprevir, is currently the most advanced in clinical development in the marketplace. The drug is being examined to potentially shorten the course of HCV therapy that has historically been given, and to increase the number of patients who are able to clear the virus from their system while under treatment. We believe this program alone could be a blockbuster for Vertex. We are bullish on the data we have seen to date and believe they have a strong Phase III program in development with Janssen Pharmaceuticals...While Vertex has delivered
strong data for telaprevir, most recently at AASLD, and with Phase III data expected in 1H10, we believe Vertex shares are fully valued."

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Vertex Pharmaceuticals Incorporated engages in the discovery, development, and commercialization of small molecule drugs for the treatment of serious diseases worldwide.