JMP reiterates Vertex at market perform

Vertex Pharmaceuticals Inc. was reiterated at market perform by JMP Securities after the company released third-quarter financial results largely in line with JMP and consensus estimates. Vertex's loss per share of $0.44 was $0.01 more than JMP's estimate. Clinical data from the company's VX-950 is due in the first quarter of 2006, and analyst Adam Cutler says that JMP expects the drug to demonstrate impressive efficacy, but believes that at the current stock price, investors have assigned a higher probability of success than is prudent after only phase 1b results. Shares of the Cambridge, Mass.-based biotechnology company were down $0.14, or 0.62%, at $22.26 on volume of 1,161,500 shares versus the three-month running average of 1,484,640 shares.

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