Oppenheimer Cuts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $540.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective cut by Oppenheimer from $550.00 to $540.00 in a report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the pharmaceutical company’s stock.

A number of other analysts also recently weighed in on the company. Truist Financial restated a “buy” rating and issued a $550.00 target price (up previously from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Piper Sandler upped their price objective on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $480.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, October 8th. Raymond James reissued a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. Finally, UBS Group raised their price objective on Vertex Pharmaceuticals from $477.00 to $562.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $492.50.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $471.12 on Wednesday. Vertex Pharmaceuticals has a 52-week low of $341.90 and a 52-week high of $510.64. The company has a fifty day moving average of $474.53 and a 200-day moving average of $464.46. The company has a market capitalization of $121.60 billion, a P/E ratio of -232.08 and a beta of 0.40. 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 (NASDAQ:VRTX) last issued its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($12.54) by ($0.29). The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.66 billion. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $3.53 EPS. As a group, equities research analysts predict that Vertex Pharmaceuticals will post -2.11 EPS for the current fiscal year.

Insider Activity

In related news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total value of $1,086,990.00. Following the completion of the transaction, the chief marketing officer now directly owns 23,259 shares of the company’s stock, valued at $11,088,728.25. 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. In related news, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total transaction of $1,086,990.00. Following the sale, the chief marketing officer now directly owns 23,259 shares in the company, valued at $11,088,728.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $1,888,216.00. Following the completion of the transaction, the chairman now owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,710 shares of company stock valued at $3,298,206. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norden Group LLC raised its stake in Vertex Pharmaceuticals by 2,169.6% during the first quarter. Norden Group LLC now owns 13,958 shares of the pharmaceutical company’s stock valued at $5,835,000 after buying an additional 13,343 shares during the last quarter. First Trust Direct Indexing L.P. boosted its stake in Vertex Pharmaceuticals by 19.3% in the 1st quarter. First Trust Direct Indexing L.P. now owns 4,118 shares of the pharmaceutical company’s stock worth $1,721,000 after purchasing an additional 666 shares in the last quarter. ZRC Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals during the 1st quarter valued at about $39,000. Maryland State Retirement & Pension System grew its position in Vertex Pharmaceuticals by 0.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 20,227 shares of the pharmaceutical company’s stock valued at $7,947,000 after purchasing an additional 171 shares during the last quarter. Finally, Strategic Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 5.9% during the first quarter. Strategic Advisors LLC now owns 556 shares of the pharmaceutical company’s stock valued at $232,000 after buying an additional 31 shares during the last quarter. 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.