Canaccord Genuity Group Has Lowered Expectations for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Price

Key Points

• Canaccord Genuity Group has reduced its price target for Vertex Pharmaceuticals from $424.00 to $411.00, maintaining a "hold" rating.
• Vertex Pharmaceuticals reported a strong quarterly earnings performance, with $4.52 earnings per share, exceeding estimates and showing an 11.3% year-over-year revenue increase.
• The stock has an average rating of "Moderate Buy" with a consensus price target of $497.10, amid various ratings from other analysts, including 13 "hold" and 14 "buy" ratings.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) had its price target reduced by investment analysts at Canaccord Genuity Group from $424.00 to $411.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the pharmaceutical company's stock. Canaccord Genuity Group's target price points to a potential upside of 6.97% from the company's previous close.

A number of other research analysts have also commented on VRTX. Needham & Company LLC restated a "hold" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Erste Group Bank lowered shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 23rd. Cantor Fitzgerald cut their price target on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating for the company in a research report on Tuesday. Stifel Nicolaus set a $455.00 price target on shares of Vertex Pharmaceuticals and gave the company a "hold" rating in a research report on Tuesday. Finally, Wells Fargo & Company upgraded shares of Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price target for the company in a research report on Wednesday. Thirteen research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $497.10.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ:VRTX traded up $9.23 during mid-day trading on Wednesday, reaching $384.21. The company had a trading volume of 3,543,211 shares, compared to its average volume of 1,601,846. The company's 50-day moving average price is $454.92 and its 200-day moving average price is $466.81. The company has a current ratio of 2.65, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals has a one year low of $372.35 and a one year high of $519.88. The firm has a market cap of $98.67 billion, a price-to-earnings ratio of 27.44 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 24.28%. The business had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same quarter in the previous year, the firm posted ($12.83) EPS. The business's revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex Pharmaceuticals will post 15.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Activest Wealth Management purchased a new position in shares of Vertex Pharmaceuticals during the first quarter worth $25,000. Clal Insurance Enterprises Holdings Ltd grew its position in Vertex Pharmaceuticals by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after buying an additional 45 shares during the period. Access Investment Management LLC acquired a new stake in Vertex Pharmaceuticals during the second quarter valued at $27,000. Mascagni Wealth Management Inc. acquired a new stake in Vertex Pharmaceuticals during the fourth quarter valued at $31,000. Finally, Flaharty Asset Management LLC purchased a new position in shares of Vertex Pharmaceuticals in the first quarter worth about $32,000. Hedge funds and other 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.

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