Royal Bank Of Canada Issues Pessimistic Forecast for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Price

Key Points

• Royal Bank of Canada has decreased its price target for Vertex Pharmaceuticals from $430.00 to $405.00, maintaining a "sector perform" rating, which indicates a potential upside of 3.82% based on current stock prices.
• Other analysts have also lowered their targets, with UBS, HC Wainwright, and Cantor Fitzgerald revising their ratings and price targets among several others, highlighting a trend of cautious sentiment towards the company.
• Vertex Pharmaceuticals recently experienced a significant drop of 17.4% in stock price, trading at $390.10, amid broader market fluctuations and negative forecasts.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) had its price target decreased by investment analysts at Royal Bank Of Canada from $430.00 to $405.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "sector perform" rating on the pharmaceutical company's stock. Royal Bank Of Canada's price target suggests a potential upside of 3.82% from the company's current price.

VRTX has been the topic of several other research reports. UBS Group dropped their price target on shares of Vertex Pharmaceuticals from $582.00 to $553.00 and set a "buy" rating on the stock in a research report on Tuesday. HC Wainwright reduced their target price on shares of Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating on the stock in a research note on Tuesday. Cantor Fitzgerald reduced their target price on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research note on Tuesday. Needham & Company LLC reaffirmed a "hold" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus reduced their target price on shares of Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a research note on Tuesday. Fourteen analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $497.00.

Vertex Pharmaceuticals Trading Down 17.4%

NASDAQ:VRTX traded down $82.17 during mid-day trading on Tuesday, hitting $390.10. 4,137,970 shares of the stock traded hands, compared to its average volume of 1,536,531. The company has a quick ratio of 2.29, a current ratio of 2.65 and a debt-to-equity ratio of 0.01. The firm's 50 day moving average is $456.34 and its two-hundred day moving average is $467.46. Vertex Pharmaceuticals has a 52 week low of $377.85 and a 52 week high of $519.88. The stock has a market capitalization of $100.18 billion, a price-to-earnings ratio of -99.83 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The business's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($12.83) earnings per share. On average, equities research analysts predict that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in VRTX. Aries Wealth Management purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter worth approximately $293,000. Polar Asset Management Partners Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth approximately $22,954,000. Brighton Jones LLC raised its stake 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 worth $3,113,000 after purchasing an additional 1,994 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Vertex Pharmaceuticals by 25.1% during 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. Finally, APG Asset Management N.V. increased its position in shares of Vertex Pharmaceuticals by 189.7% during the fourth quarter. APG Asset Management N.V. now owns 359,285 shares of the pharmaceutical company's stock valued at $139,724,000 after acquiring an additional 235,265 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

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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