With Vertex Pharmaceuticals Inc. already having delivered 2014's most anticipated data and Gilead Sciences Inc. having rolled out the year's most keenly watched launch, buysiders expect a quiet 3Q14 and plan to use the lull to position portfolios ahead of bigger events slated for later this year.

Vertex shares soared $26.92 (40%) to $93.53 on June 24 on positive Phase III data for Kalydeco ivacaftor plus lumacaftor (VX-809) to treat cystic fibrosis patients with the delta F508 mutation, the most common among CF patients.