Morgan Stanley Maintains Underweight on Vertex Pharmaceuticals (VRTX)

Morgan Stanley is out with its report today on Vertex Pharmaceuticals VRTX, maintaining Underweight. In a note to clients, Morgan Stanley writes, "Merck's boceprevir received FDA approval Friday, roughly on schedule but ahead of the expectations of more bullish Vertex investors who anticipated a several mo. delay. We believe this first to market position, on top of a mostly favorable label and aggressive pricing strategy, could incrementally pressure the assumption of most investors that Vertex' telaprevir will have the vast majority of share in the Hepatitis C protease inhibitor market." At the time of posting, shares of VRTX were trading pre-market at $55.60, down 3.27% from Friday's close.