Vertex neutral rating unchanged by Merrill

Vertex Pharmaceuticals Inc. was kept at neutral by Merrill Lynch analyst Hari Sambasivam The company reported phase 2 data for VX-702 (p38 MAP kinase inhibitor) in patients with rheumatoid arthritis. The drug met its primary endpoint of ACR20 response at 12 weeks, with modest improvement in ACR20 versus a placebo and marginal statistical significance. Merrill believes the ACR20 responses for VX-702 are on the low end of street expectations, and lower than those published for other major agents including Enbrel, Abatacept and Rituxan. More robust ACR20 data and longer term safety data may be needed. Shares of the Cambridge, Mass., biotechnology company were down $2.30, or 5.71%, at $37.98 on volume of 4,630,222 shares versus the three-month running average of 1,519,880 shares. (Nasdaq: VRTX)

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