Royal Bank of Canada Trims Vertex Pharmaceuticals (NASDAQ:VRTX) Target Price to $425.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price trimmed by Royal Bank of Canada from $431.00 to $425.00 in a research report released on Friday morning, Benzinga reports. The firm currently has a sector perform rating on the pharmaceutical company’s stock.

A number of other analysts have also issued reports on the company. Cantor Fitzgerald reiterated an overweight rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a research note on Friday, August 2nd. Redburn Atlantic assumed coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, June 27th. They issued a buy rating and a $545.00 target price on the stock. StockNews.com lowered shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research report on Monday, August 5th. Argus increased their price objective on Vertex Pharmaceuticals from $465.00 to $550.00 and gave the stock a buy rating in a research report on Monday, June 17th. Finally, Needham & Company LLC reissued a hold rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $486.95.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ:VRTX opened at $455.31 on Friday. The company has a market capitalization of $117.49 billion, a P/E ratio of 29.55 and a beta of 0.40. The company’s 50-day moving average is $476.75 and its 200 day moving average is $455.91. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.26 and a current ratio of 2.52. Vertex Pharmaceuticals has a fifty-two week low of $341.90 and a fifty-two week high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data 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 net margin of 4.74% and a negative return on equity of 2.45%. The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the company posted $3.53 EPS. Vertex Pharmaceuticals’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Vertex Pharmaceuticals will post -2.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $487.34, for a total transaction of $1,111,135.20. Following the completion of the sale, the chief marketing officer now owns 27,819 shares of the company’s stock, valued at approximately $13,557,311.46. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Bruce I. Sachs sold 5,295 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $508.00, for a total value of $2,689,860.00. Following the completion of the transaction, the director now directly owns 40,000 shares of the company’s stock, valued at $20,320,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Carmen Bozic sold 2,280 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $487.34, for a total value of $1,111,135.20. Following the transaction, the chief marketing officer now owns 27,819 shares in the company, valued at $13,557,311.46. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,767 shares of company stock valued at $15,768,284 in the last ninety days. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Capital World Investors boosted its holdings in shares of Vertex Pharmaceuticals by 17.2% during the 1st quarter. Capital World Investors now owns 25,567,184 shares of the pharmaceutical company’s stock valued at $10,687,339,000 after buying an additional 3,761,414 shares in the last quarter. Capital Research Global Investors grew its holdings in Vertex Pharmaceuticals by 61.0% in the first quarter. Capital Research Global Investors now owns 5,743,882 shares of the pharmaceutical company’s stock worth $2,401,000,000 after purchasing an additional 2,176,218 shares during the period. Jennison Associates LLC increased its stake in shares of Vertex Pharmaceuticals by 21.2% during the first quarter. Jennison Associates LLC now owns 4,782,374 shares of the pharmaceutical company’s stock valued at $1,999,080,000 after purchasing an additional 837,461 shares in the last quarter. Swedbank AB purchased a new position in shares of Vertex Pharmaceuticals during the first quarter valued at approximately $277,317,000. Finally, AMF Tjanstepension AB bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $257,655,000. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Company Profile

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.