Vertex Pharmaceuticals (NASDAQ:VRTX) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Vertex Pharmaceuticals from “Buy” to “Hold,” though the broader analyst consensus remains “Moderate Buy,” with an average price target of $579.81.
• Other analysts remain positive, including Barclays, Truist Financial, Evercore, Weiss Ratings, and RBC, which recently maintained or upgraded their bullish ratings and price targets.
• Vertex opened at $558.88, near its 52-week high of $563.80. Its latest quarter included 12.5% year-over-year revenue growth to $3.33 billion, while EPS of $4.73 narrowly missed expectations.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other analysts have also issued reports on VRTX. Barclays upped their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Truist Financial boosted their target price on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Evercore raised their price target on Vertex Pharmaceuticals from $535.00 to $600.00 and gave the company an "outperform" rating in a report on Wednesday, September 2nd. Weiss Ratings raised shares of Vertex Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 16th. Finally, Royal Bank Of Canada upped their price objective on shares of Vertex Pharmaceuticals from $570.00 to $576.00 and gave the company an "outperform" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $579.81.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $558.88 on Friday. The company's 50-day moving average is $523.21 and its 200-day moving average is $479.47. The firm has a market capitalization of $141.85 billion, a PE ratio of 32.53, a P/E/G ratio of 2.59 and a beta of 0.28. Vertex Pharmaceuticals has a fifty-two week low of $403.16 and a fifty-two week high of $563.80.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same quarter last year, the business posted $4.52 earnings per share. The company's revenue for the quarter was up 12.5% on a year-over-year basis. As a group, analysts expect that Vertex Pharmaceuticals will post 16.74 EPS for the current year.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Large investors have recently made changes to their positions in the company. MADDEN SECURITIES Corp acquired a new stake in Vertex Pharmaceuticals during the 3rd quarter worth about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $26,000. Community Financial Services Group LLC acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC boosted its position in shares of Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. Finally, Pingora Partners LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $32,000. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company applies expertise in the science of human disease to discover therapies that address significant unmet medical needs.

Vertex is best known for its cystic fibrosis portfolio, which includes Kalydeco, Orkambi, Symdeko/Symkevi, and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis for patients with specific mutations in the CFTR gene.

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