UPDATE: Noble Downgrades Pharmasset to Hold

Noble is out with its report today on Pharmasset (NASDAQ: VRUS), downgrading VRUS from Buy to Hold.

In a note to clients, Noble writes, "We are moving from a Buy to a Hold based upon the firm's current valuation and more than a 300% move since January of 2011. At the current market capitalization of ~$5.0 billion and based upon the current stage of the pipeline, we believe that the risk to reward valuation is currently reflected in the stock. Further advancement of the firm's pipeline would guide positive to our rating and valuation."

Shares of VRUS closed Wednesday at $130.66, up 0.98% from Tuesday's close.