HC Wainwright Cuts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $535.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective cut by research analysts at HC Wainwright from $600.00 to $535.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage currently has a “buy” rating on the pharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 34.88% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $480.00 target price on shares of Vertex Pharmaceuticals in a research report on Tuesday, November 5th. Canaccord Genuity Group lifted their price objective on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the stock a “sell” rating in a report on Wednesday, November 6th. Needham & Company LLC restated a “hold” rating on shares of Vertex Pharmaceuticals in a report on Friday. UBS Group raised their price target on Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lowered their price objective on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.50.

Vertex Pharmaceuticals Price Performance

Shares of Vertex Pharmaceuticals stock opened at $396.64 on Friday. The firm has a market capitalization of $102.15 billion, a PE ratio of -199.32 and a beta of 0.36. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals has a 12 month low of $377.85 and a 12 month high of $519.88. The business’s 50-day moving average price is $472.10 and its 200-day moving average price is $475.81.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business earned $3.67 earnings per share. Sell-side analysts forecast that Vertex Pharmaceuticals will post -1.83 EPS for the current fiscal year.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of VRTX. Whalen Wealth Management Inc. bought a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter worth approximately $662,000. Creative Planning boosted its holdings in Vertex Pharmaceuticals by 5.3% in the second quarter. Creative Planning now owns 79,117 shares of the pharmaceutical company’s stock worth $37,084,000 after acquiring an additional 3,998 shares in the last quarter. Mizuho Securities USA LLC grew its stake in shares of Vertex Pharmaceuticals by 289.0% in the third quarter. Mizuho Securities USA LLC now owns 77,393 shares of the pharmaceutical company’s stock worth $35,994,000 after acquiring an additional 57,497 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Vertex Pharmaceuticals during the second quarter valued at $21,008,000. Finally, Keynote Financial Services LLC purchased a new position in shares of Vertex Pharmaceuticals in the 3rd quarter worth about $498,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

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.