In a research report published Thursday, Needham analyst Alan Carr downgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from Buy to Hold, following the company’s fourth-quarter financial results, which were released yesterday after market close. No price target was given.

Carr explained, “The stock has performed well subsequent to two successful ivacaftor/lumacaftor Phase 3 trials in CF in Jun 2014 and in anticipation of commercial launch in 3Q15. We believe current valuation is adequate ($28.5B EV) and therefore we downgrade to HOLD. Notwithstanding our rating change, we see limited downside to the stock in 2015.”

Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing, and commercializing small molecule drugs for patients with serious diseases in specialty markets.