Vertex cut to neutral at Baird as stock fairly valued and no further upside
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Baird has downgraded Vertex Pharmaceuticals (NASDAQ:VRTX) to neutral from overweight saying that despite the company's strong performance so far this year, there isn't likely to be further upside.
Year to date, shares are up ~20%.
The firm upped its price target to $250 from $240 (~6% downside based on Thursday's close).

Analyst Brian Skorney wrote that while Vertex remains an attractive safety stock, "we see the opportunities as fairly valued."
He added that although the company's cystic fibrosis is strong and will likely see near-term growth, this is already reflected in the stock's price.
Looking at the pipeline, Skorney sees VX-147 for kidney disease as having the most promising commercial opportunity, though he noted a significant data update from the ongoing phase 2/3 trial is likely several years away.
Vertex's (VRTX) Q1 2022 results missed on the bottom line but saw growth in net income.