JMP reiterates Vertex at market perform

Vertex Pharmaceuticals, Inc. was reiterated at market perform by JMP Securities analyst Adam Cutler after the company's revenue and earnings per share fell short of both JMP and Street estimates. However, for companies like Vertex that lack substantial product revenue, the stock tends to trade more on the news flow and perceived value of the company's pipeline than on quarterly results, according to the analyst. Shares of the Cambridge, Mass.-based biotechnology company were down $2.18, or 6.13%, at $33.37 on volume of 1,958,336 shares versus the three-month running average of 1,650,560 shares. (Nasdaq: VRTX)

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