J.P. Morgan Maintains Neutral on Vertex Pharmaceuticals (VRTX)

J.P. Morgan is out with its report today on Vertex Pharmaceuticals

, maintaining Neutral. In a note to clients, J.P. Morgan writes, "Reiterate Neutral Rating. While we have high expectations for VX-770 in the STRIVE trial, this is not enough to change our thesis on Vertex, particularly, given little room for error for the telaprevir launch and longer-term competition in the HCV space." J.P. Morgan maintains a $43 PT on VRTX. At the time of posting, shares of VRTX were trading at $43.96, up 15.02% from Tuesday's close.