Vertex Pharmaceuticals' (NASDAQ: VRTX) remarkable momentum came to a screeching halt this week. The big biotech stock had been up well over 20% year to date. The main bad news with Vertex's Q1 results was that the company missed Wall Street's revenue and earnings estimates.

Key Takeaways Vertex Pharmaceuticals missed first-quarter profit and revenue forecasts as costs jumped.The biotech firm also posted a decline in sales outside the U.S. because of intellectual property rights violations in Russia.

Shares of Vertex Pharmaceuticals Inc. plunged 10.03% to $450.03 Tuesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index falling 0.77% to 5,606.91 and Dow Jones Industrial Average falling 0.