Jefferies analyst Michael Yee downgraded Vertex Pharmaceuticals to Hold from Buy with an unchanged price target of $340. The analyst sees a balanced risk/reward profile following the stock’s gains in 2022. While Vertex fundamentals “are fine and the pipeline is as large as ever,” this looks accounted for in the current valuation, Yee tells investors in a research note. He believes Vertex’s acute pain program is most interesting part of its pipeline, but adds the program is not without some risk.