Bear Stearns downgrades Vertex to peer perform

Vertex Pharmaceuticals, Inc. was downgraded to peer perform from outperform by Bear Stearns analyst Akhtar Samad based on valuation. The stock eclipsed Bear Stearns' price target of $35, which it now withdraws. Further positive news on VX-950 in the second half of 2006 is expected to have modest sustainable stock impact. The company reported fourth-quarter 2005 pro forma loss per share of $1.20 compared with the analyst's estimate of a loss of $0.14 and consensus estimates of a loss of $0.24. Shares of the Cambridge, Mass., biotechnology company were up 82 cents, or 2.27%, at $36.93 on volume of 1,967,943 shares versus the three-month running average of 1,415,060 shares. (Nasdaq: VRTX)

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