Vertex Pharmaceuticals (NASDAQ:VRTX) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC restated a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Friday, July 26th. JPMorgan Chase & Co. cut their price target on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. HC Wainwright reiterated a “buy” rating and issued a $600.00 price objective on shares of Vertex Pharmaceuticals in a research note on Monday, October 21st. Truist Financial reiterated a “buy” rating and set a $550.00 target price (up previously from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Finally, Bank of America reduced their price target on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a report on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $499.12.

Vertex Pharmaceuticals Stock Performance

Vertex Pharmaceuticals stock opened at $449.32 on Thursday. Vertex Pharmaceuticals has a 52-week low of $346.29 and a 52-week high of $519.88. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.20 and a current ratio of 2.47. The firm has a 50 day moving average price of $474.80 and a two-hundred day moving average price of $472.58.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.67 earnings per share. As a group, equities research analysts forecast that Vertex Pharmaceuticals will post -1.82 EPS for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the transaction, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. This represents a 27.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction on 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 owns 4,435 shares in the company, valued at approximately $2,217,500. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,445 shares of company stock worth $2,218,394. Insiders own 0.20% of the company’s stock.

Institutional Trading of Vertex Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of VRTX. Quent Capital LLC raised its holdings in Vertex Pharmaceuticals by 33.0% during the 1st quarter. Quent Capital LLC now owns 399 shares of the pharmaceutical company’s stock valued at $167,000 after acquiring an additional 99 shares during the period. EP Wealth Advisors LLC grew its position in shares of Vertex Pharmaceuticals by 4.4% in the first quarter. EP Wealth Advisors LLC now owns 4,709 shares of the pharmaceutical company’s stock valued at $1,969,000 after purchasing an additional 197 shares in the last quarter. Axxcess Wealth Management LLC raised its stake in shares of Vertex Pharmaceuticals by 33.6% during the 1st quarter. Axxcess Wealth Management LLC now owns 2,228 shares of the pharmaceutical company’s stock valued at $931,000 after purchasing an additional 560 shares during the period. Sheaff Brock Investment Advisors LLC lifted its holdings in Vertex Pharmaceuticals by 29.7% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 1,193 shares of the pharmaceutical company’s stock worth $499,000 after purchasing an additional 273 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Vertex Pharmaceuticals by 8.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 386,648 shares of the pharmaceutical company’s stock worth $161,623,000 after purchasing an additional 28,747 shares during the period. 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.