Vertex Pharmaceuticals (NASDAQ:VRTX) Shares Gap Down Following Analyst Downgrade

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) gapped down before the market opened on Tuesday after Scotiabank lowered their price target on the stock from $442.00 to $438.00. The stock had previously closed at $472.27, but opened at $408.22. Scotiabank currently has a sector perform rating on the stock. Vertex Pharmaceuticals shares last traded at $399.02, with a volume of 1,466,250 shares changing hands.

Several other analysts have also commented on the stock. BMO Capital Markets decreased their price target on shares of Vertex Pharmaceuticals from $557.00 to $530.00 and set an “outperform” rating for the company in a research report on Tuesday. Leerink Partnrs lowered shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Truist Financial decreased their price objective on shares of Vertex Pharmaceuticals from $520.00 to $490.00 and set a “buy” rating for the company in a research report on Tuesday. Royal Bank Of Canada decreased their price objective on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a “sector perform” rating for the company in a research report on Tuesday. Finally, William Blair reaffirmed an “outperform” rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Fourteen investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $495.21.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in VRTX. Activest Wealth Management acquired a new stake in Vertex Pharmaceuticals in the 1st quarter valued at $25,000. Clal Insurance Enterprises Holdings Ltd grew its stake in Vertex Pharmaceuticals by 450.0% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 45 shares during the period. Access Investment Management LLC acquired a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at $27,000. Mascagni Wealth Management Inc. acquired a new stake in Vertex Pharmaceuticals in the 4th quarter valued at $31,000. Finally, Flaharty Asset Management LLC acquired a new stake in Vertex Pharmaceuticals in the 1st quarter valued at $32,000. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Down 20.6%

The business’s 50 day moving average is $454.92 and its 200-day moving average is $466.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 2.65. The stock has a market cap of $96.29 billion, a price-to-earnings ratio of 26.80 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.28. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 24.28% and a net margin of 31.86%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted ($12.83) EPS. On average, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

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.