JPMorgan Chase & Co. Has Lowered Expectations for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Price

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price decreased by JPMorgan Chase & Co. from $510.00 to $503.00 in a research report report published on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the pharmaceutical company’s stock.

Other research analysts have also recently issued reports about the company. Barclays cut Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $472.00 to $509.00 in a research note on Monday, August 5th. Oppenheimer dropped their price target on Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC reiterated a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Piper Sandler increased their price target on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, TD Cowen increased their price target on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $494.63.

Vertex Pharmaceuticals Trading Up 5.7 %

Shares of VRTX stock opened at $499.88 on Tuesday. The stock’s fifty day moving average price is $474.73 and its two-hundred day moving average price is $466.76. Vertex Pharmaceuticals has a fifty-two week low of $341.90 and a fifty-two week high of $510.64. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.88% and a negative net margin of 4.52%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.67 EPS. On average, equities analysts forecast that Vertex Pharmaceuticals will post -2.04 earnings per share for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the transaction, the chairman now directly owns 9,994 shares in the company, valued at $4,987,006. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRTX. Northwest Investment Counselors LLC purchased a new position in Vertex Pharmaceuticals in the third quarter worth $25,000. Highline Wealth Partners LLC purchased a new position in Vertex Pharmaceuticals in the third quarter worth $27,000. GHP Investment Advisors Inc. purchased a new position in Vertex Pharmaceuticals in the second quarter worth $29,000. Stephens Consulting LLC purchased a new stake in Vertex Pharmaceuticals during the second quarter valued at about $31,000. Finally, Founders Capital Management grew its stake in shares of Vertex Pharmaceuticals by 50.0% during the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after buying an additional 25 shares during the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

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.