JPMorgan Chase & Co. Boosts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $517.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target upped by JPMorgan Chase & Co. from $515.00 to $517.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the pharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 11.37% from the company’s previous close.

Several other equities analysts have also commented on the company. William Blair reissued an “outperform” rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Morgan Stanley lowered their price target on shares of Vertex Pharmaceuticals from $464.00 to $460.00 and set an “equal weight” rating for the company in a research report on Friday, June 20th. Bank of America upped their price objective on shares of Vertex Pharmaceuticals from $555.00 to $567.00 and gave the stock a “buy” rating in a report on Monday, March 31st. HC Wainwright reiterated a “buy” rating and set a $550.00 target price on shares of Vertex Pharmaceuticals in a report on Monday, June 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $535.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $511.71.

Vertex Pharmaceuticals Trading Down 1.7%

Shares of VRTX opened at $464.20 on Monday. The firm has a 50 day moving average price of $447.43 and a 200-day moving average price of $461.58. Vertex Pharmaceuticals has a fifty-two week low of $377.85 and a fifty-two week high of $519.88. The firm has a market cap of $119.21 billion, a price-to-earnings ratio of -118.42 and a beta of 0.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 2.65.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 EPS for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.23). Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the previous year, the company earned $4.76 EPS. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities research analysts forecast that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Institutional Trading of Vertex Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Activest Wealth Management purchased a new position in Vertex Pharmaceuticals during the 1st quarter valued at approximately $25,000. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Vertex Pharmaceuticals by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 45 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in Vertex Pharmaceuticals in the 4th quarter valued at about $31,000. Flaharty Asset Management LLC bought a new position in Vertex Pharmaceuticals in the first quarter worth approximately $32,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at $40,000. 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.