HC Wainwright Lowers Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $478.00

Key Points

• HC Wainwright reduced the price target for Vertex Pharmaceuticals from $550.00 to $478.00, maintaining a "buy" rating.
• Vertex's stock has seen a 12-month low of $377.85 and a high of $519.88, currently trading at around $472.27.
• Despite recent reductions in target prices by several firms, Vertex Pharmaceuticals maintains a consensus rating of "Moderate Buy" with an average target price of $505.00.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) had its price objective reduced by analysts at HC Wainwright from $550.00 to $478.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the pharmaceutical company's stock. HC Wainwright's price target would suggest a potential upside of 1.21% from the company's current price.

VRTX has been the subject of a number of other research reports. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Leerink Partners reissued a "market perform" rating and set a $503.00 target price (down previously from $550.00) on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Needham & Company LLC reissued a "hold" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Scotiabank lowered their target price on Vertex Pharmaceuticals from $450.00 to $442.00 and set a "sector perform" rating on the stock in a research note on Tuesday, May 6th. Finally, Leerink Partnrs cut Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 6th. Fourteen equities research 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 stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $505.00.

Vertex Pharmaceuticals Trading Up 2.2%

NASDAQ VRTX opened at $472.27 on Tuesday. Vertex Pharmaceuticals has a 12-month low of $377.85 and a 12-month high of $519.88. The company has a fifty day simple moving average of $456.34 and a two-hundred day simple moving average of $467.46. The company has a current ratio of 2.65, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. The stock has a market cap of $121.28 billion, a P/E ratio of -120.48 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, topping analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a negative return on equity of 3.36% and a negative net margin of 8.91%. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter last year, the business posted ($12.83) EPS. The firm's quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts forecast that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of VRTX. Welch & Forbes LLC raised its stake in Vertex Pharmaceuticals by 4.6% in the 2nd quarter. Welch & Forbes LLC now owns 217,244 shares of the pharmaceutical company's stock valued at $96,717,000 after purchasing an additional 9,605 shares during the last quarter. Syverson Strege & Co purchased a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at $283,000. Leeward Financial Partners LLC increased its stake in shares of Vertex Pharmaceuticals by 8.8% in the 2nd quarter. Leeward Financial Partners LLC now owns 716 shares of the pharmaceutical company's stock worth $319,000 after acquiring an additional 58 shares during the last quarter. Lockheed Martin Investment Management Co. raised its holdings in shares of Vertex Pharmaceuticals by 34.1% during the 2nd quarter. Lockheed Martin Investment Management Co. now owns 10,860 shares of the pharmaceutical company's stock worth $4,835,000 after acquiring an additional 2,760 shares during the period. Finally, Kovack Advisors Inc. raised its holdings in shares of Vertex Pharmaceuticals by 1.9% during the 2nd quarter. Kovack Advisors Inc. now owns 1,280 shares of the pharmaceutical company's stock worth $570,000 after acquiring an additional 24 shares during the period. 90.96% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.