Vertex Pharmaceuticals downgraded to Sell from Hold at Canaccord

Canaccord downgraded Vertex Pharmaceuticals to Sell from Hold with a price target of $379, up from $332. The analyst says the stock is up 23% since the December 13 data announcement for VX-548 in diabetic peripheral neuropath. However, the firm’s new target represents over 10% downside from current levels. It will be looking for an opportunity to get more constructive on shares, which it says could come in the form of more color on the commercial strategy in pain from Vertex that changes how it thinks about market shares, the exa-cel launch meaningfully outperforming expectations, or a positive pipeline surprise from an earlier stage program.