Bank of America Cuts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $522.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective reduced by Bank of America from $545.00 to $522.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the pharmaceutical company’s stock.

Several other brokerages also recently issued reports on VRTX. Raymond James reissued a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. Royal Bank of Canada upped their price target on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 5th. Scotiabank increased their price objective on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group lifted their target price on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a “sell” rating in a research note on Wednesday, November 6th. Finally, Oppenheimer reduced their price target on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $499.77.

Vertex Pharmaceuticals Trading Up 0.2 %

Shares of NASDAQ VRTX opened at $397.27 on Thursday. The business has a fifty day simple moving average of $470.41 and a 200-day simple moving average of $475.30. The company has a market cap of $102.31 billion, a price-to-earnings ratio of -199.63 and a beta of 0.36. Vertex Pharmaceuticals has a 12 month low of $377.85 and a 12 month high of $519.88. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping the consensus estimate of $3.61 by $0.77. The company had revenue of $2.77 billion during 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 revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the company posted $3.67 earnings per share. Sell-side analysts predict that Vertex Pharmaceuticals will post -1.83 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Edgewood Management LLC grew its position in shares of Vertex Pharmaceuticals by 7,876.3% in the third quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock valued at $719,186,000 after purchasing an additional 1,526,983 shares during the last quarter. Jennison Associates LLC boosted its stake in Vertex Pharmaceuticals by 18.1% during the 3rd quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock valued at $2,581,373,000 after purchasing an additional 851,054 shares during the period. Wellington Management Group LLP grew its holdings in Vertex Pharmaceuticals by 17.2% in the 3rd quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock valued at $2,231,858,000 after buying an additional 704,421 shares during the last quarter. International Assets Investment Management LLC increased its position in Vertex Pharmaceuticals by 74,015.5% in the 3rd quarter. International Assets Investment Management LLC now owns 324,626 shares of the pharmaceutical company’s stock worth $150,977,000 after buying an additional 324,188 shares during the period. Finally, AustralianSuper Pty Ltd acquired a new position in shares of Vertex Pharmaceuticals during the third quarter worth approximately $105,282,000. 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.