Vertex upgraded to buy by Merrill

Merrill Lynch analyst Hari Sambasivam upgraded Vertex Pharmaceuticals Inc. to a buy based on strong data from the Prove 1 phase 2 study expected in the fourth quarter. The analyst believes that VX-950 (telaprevir; HCV protease inhibitor) could elicit a sharply higher viral load reduction after 12 weeks compared to pegylated interferon plus ribavirin. VX-950 could become a $3 billion to $4 billion product if phase 3 data confirm markedly shorter treatment duration. Shares of the Cambridge, Mass.-based biotechnology company were up 65 cents, or 1.99%, at $33.39. (Nasdaq: VRTX)

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