Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Cut to $541.00

by · The Markets Daily

Vertex Pharmaceuticals (NASDAQ:VRTX – Free Report) had its target price reduced by Bank of America from $550.00 to $541.00 in a research note published on Monday morning, Benzinga reports. They currently have a buy rating on the pharmaceutical company’s stock.

Other analysts have also issued reports about the stock. Argus boosted their target price on shares of Vertex Pharmaceuticals from $465.00 to $550.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Raymond James reaffirmed a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. JPMorgan Chase & Co. raised their price objective on Vertex Pharmaceuticals from $505.00 to $510.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and set a $550.00 target price (up from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Finally, Redburn Atlantic assumed coverage on Vertex Pharmaceuticals in a research report on Thursday, June 27th. They set a “buy” rating and a $545.00 price target on the stock. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $492.92.

View Our Latest Analysis on VRTX

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $498.73 on Monday. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals has a twelve month low of $341.90 and a twelve month high of $510.64. The business has a 50-day moving average price of $474.92 and a 200-day moving average price of $459.08. The firm has a market cap of $128.72 billion, a price-to-earnings ratio of -245.68 and a beta of 0.40.

Vertex Pharmaceuticals (NASDAQ:VRTX – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the prior year, the business posted $3.53 EPS. The company’s revenue was up 6.1% on a year-over-year basis. As a group, equities research analysts predict that Vertex Pharmaceuticals will post -2.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 2,280 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total value of $1,086,990.00. Following the sale, the chief marketing officer now owns 23,259 shares in the company, valued at $11,088,728.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the transaction, the director now owns 4,435 shares in the company, valued at approximately $2,217,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total value of $1,086,990.00. Following the sale, the chief marketing officer now directly owns 23,259 shares in the company, valued at approximately $11,088,728.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,487 shares of company stock worth $14,657,149 in the last 90 days. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Annapolis Financial Services LLC purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter valued at about $27,000. GHP Investment Advisors Inc. acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $29,000. Stephens Consulting LLC purchased a new position in Vertex Pharmaceuticals during the second quarter valued at $31,000. Founders Capital Management increased its stake in shares of Vertex Pharmaceuticals by 50.0% during the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after purchasing an additional 25 shares in the last quarter. Finally, ZRC Wealth Management LLC acquired a new stake in Vertex Pharmaceuticals in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

About Vertex Pharmaceuticals

(Get Free Report)

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.

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