Morgan Stanley upgraded Vertex to Overweight and increased its price target to $148 from $118. Analyst Matthew Harrison said Verrtex shares have been under pressure due to competitive concerns and over-ownership and views the decline as an attractive entry point. Additionally, Harrison's physician feedback suggests a strong launch for Orkambi with 2015 revenues as much as $100M above consensus, and sees near-term catalysts from ENaC inhibitor data and '661 het-min study.

Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.