Needham & Company downgraded Vertex (NASDAQ: VRTX) from Buy to Hold.

Analyst Alan Carr commented, "Vertex reported 4Q14 financial results yesterday after market close. WW Kalydeco 4Q14 sales were $124.4M (+14% y/y). The company pre-announced net sales of approximately $120M earlier this month. The stock has performed well subsequent to two successful ivacaftor/lumacaftor Phase 3 trials in CF in Jun 2014 and in anticipation of commercial launch in 3Q15. We believe current valuation is adequate ($28.5B EV) and therefore we downgrade to HOLD (from BUY). Notwithstanding our rating change, we see limited downside to the stock in 2015."

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Shares of Vertex closed at $121.26 yesterday.