UPDATE: Morgan Stanley Downgrades Vertex (VRTX) to Equalweight on Valuation

(updated to add analyst comments)

Morgan Stanley analyst Matthew Harrison downgraded Vertex (NASDAQ: VRTX) from Overweight to Equalweight with a price target of $300.00 (from $277.00) citing valuation, which has already priced in the company's leading growth franchise.

The analyst commented, "Despite our overall positive outlook, additional upside to the current valuation will require favorable data outside of the CF pipeline. We remain positive on the AATD outlook, but downgrade VRTX to EW as we believe the risk/reward for initial AATD data is reflected in the stock."

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 $299.06 yesterday.

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