Vertex Pharmaceuticals initiated with a Market Perform at Raymond James

Raymond James analyst Christopher Raymond initiated coverage of Vertex Pharmaceuticals (VRTX) with a Market Perform rating and no price target Vertex has “arguably been one of biotech’s best execution stories in recent years,” but the firm thinks near term expectations have “largely caught up to reality,” the analyst tells investors. With the cystic fibrosis franchise still the dominant profit driver, the firm is concerned that “any credible hit to the narrative around Vertex’s long term technological monopoly in CF is likely to weigh on the stock disproportionately,” the analyst added.