Wolfe downgrades Vertex Pharmaceuticals on slow pain launch

Wolfe Research analyst Andy Chen last night downgraded Vertex Pharmaceuticals (VRTX) to Peer Perform from Outperform without a price target The company’s Q1 earnings reported slower cystic fibrosis revenue and a relatively slow nonopioid pain launch, the analyst tells investors in a research note. The firm says that despite yesterday’s selloff, it still believes there may be $45 to $80 worth of pain in the stock, and that “this may be hard to justify.” Wolfe predicts Vertex’s quarterly revenue on pain will continue to be the main stock driver.