Evercore ISI Cuts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $475.00

Key Points

• Evercore ISI has reduced its price target for Vertex Pharmaceuticals from $510.00 to $475.00, maintaining an "outperform" rating, which suggests a potential upside of 21.27% from the current price.
• A number of analysts have revised ratings and price targets for Vertex, including Cantor Fitzgerald, which lowered its target from $535.00 to $485.00, while UBS set a target of $553.00.
• Vertex Pharmaceuticals recently reported quarterly earnings of $4.52 per share, exceeding analyst expectations, with revenues increasing 11.3% year-over-year to $2.94 billion.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) had its price target decreased by research analysts at Evercore ISI from $510.00 to $475.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the pharmaceutical company's stock. Evercore ISI's price objective indicates a potential upside of 21.27% from the company's current price.

A number of other analysts have also commented on VRTX. Wall Street Zen lowered Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. Cantor Fitzgerald lowered their target price on Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating for the company in a research note on Tuesday, August 5th. Wells Fargo & Company upgraded Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price objective for the company in a research note on Wednesday, August 6th. Royal Bank Of Canada lowered their price objective on Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 5th. Finally, UBS Group set a $553.00 price target on Vertex Pharmaceuticals and gave the stock a "buy" rating in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $496.05.

Vertex Pharmaceuticals Trading Up 0.8%

Shares of NASDAQ VRTX opened at $391.70 on Thursday. Vertex Pharmaceuticals has a twelve month low of $362.50 and a twelve month high of $519.88. The stock has a 50 day moving average of $425.01 and a two-hundred day moving average of $454.73. The stock has a market cap of $100.43 billion, a P/E ratio of 27.93 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued 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. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The company had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.90 billion. During the same quarter in the previous year, the business earned ($12.83) earnings per share. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, research analysts predict that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Bruce I. Sachs purchased 5,000 shares of the business's stock in a transaction on Wednesday, August 6th. The stock was purchased at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the acquisition, the director directly owned 45,000 shares in the company, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several large investors have recently modified their holdings of VRTX. United Services Automobile Association bought a new stake in Vertex Pharmaceuticals during the 1st quarter worth approximately $2,933,000. Aries Wealth Management acquired a new stake in Vertex Pharmaceuticals during the 1st quarter worth $293,000. Polar Asset Management Partners Inc. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $22,954,000. Brighton Jones LLC increased its position in shares of Vertex Pharmaceuticals by 45.0% in the first quarter. Brighton Jones LLC now owns 6,421 shares of the pharmaceutical company's stock valued at $3,113,000 after acquiring an additional 1,994 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Vertex Pharmaceuticals by 25.1% in the first quarter. GAMMA Investing LLC now owns 5,002 shares of the pharmaceutical company's stock valued at $2,425,000 after acquiring an additional 1,005 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

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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