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

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target decreased by Bank of America from $550.00 to $541.00 in a research report released on Monday, Benzinga reports. Bank of America currently has a buy rating on the pharmaceutical company’s stock.

Other equities research analysts also recently issued reports about the stock. TD Cowen raised their target price on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. StockNews.com cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Argus increased their price objective on Vertex Pharmaceuticals from $465.00 to $550.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Finally, Morgan Stanley boosted their target price on Vertex Pharmaceuticals from $462.00 to $474.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $488.92.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $487.25 on Monday. The company’s 50 day simple moving average is $474.27 and its two-hundred day simple moving average is $458.81. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26. Vertex Pharmaceuticals has a 1 year low of $341.90 and a 1 year high of $510.64. The stock has a market capitalization of $125.76 billion, a PE ratio of -240.02 and a beta of 0.40.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter last year, the business posted $3.53 EPS. The company’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts predict that Vertex Pharmaceuticals will post -2.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now directly owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce I. Sachs sold 5,295 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the transaction, the director now owns 40,000 shares in the company, valued at $20,320,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,487 shares of company stock valued at $14,657,149 in the last 90 days. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Annapolis Financial Services LLC bought a new position in Vertex Pharmaceuticals during the 1st quarter valued at approximately $27,000. GHP Investment Advisors Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $29,000. Stephens Consulting LLC purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $31,000. Founders Capital Management increased its holdings 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 valued at $35,000 after acquiring an additional 25 shares in the last quarter. Finally, ZRC Wealth Management LLC purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter worth about $39,000. Institutional investors own 90.96% of the company’s stock.

About Vertex Pharmaceuticals

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.