Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Lowered to $455.00 at Stifel Nicolaus

Key Points

• Stifel Nicolaus has reduced its price target for Vertex Pharmaceuticals (NASDAQ: VRTX) from $494.00 to $455.00, indicating a potential downside of 3.66% from the stock's last closing price.
• Several other analysts have also adjusted their price targets downwards, with Scotiabank setting a target of $442.00 and Morgan Stanley at $439.00, while consensus among analysts remains a Moderate Buy with an average target of $502.95.
• Vertex Pharmaceuticals reported a quarterly revenue increase of 11.3% year-over-year, with earnings per share of $4.52, surpassing analysts' estimates of $4.24.

Vertex Pharmaceuticals (NASDAQ:VRTX - Free Report) had its price objective decreased by Stifel Nicolaus from $494.00 to $455.00 in a research note released on Tuesday morning, Marketbeat Ratings reports. Stifel Nicolaus currently has a hold rating on the pharmaceutical company's stock.

Several other analysts have also recently issued reports on VRTX. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $535.00 price target on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Royal Bank Of Canada set a $420.00 price objective on Vertex Pharmaceuticals and gave the stock a "sector perform" rating in a research note on Tuesday, June 17th. Wolfe Research lowered shares of Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, May 7th. Erste Group Bank downgraded shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 23rd. Finally, Morgan Stanley set a $439.00 target price on Vertex Pharmaceuticals and gave the company an "equal weight" rating in a report on Tuesday. Thirteen investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $497.10.

Vertex Pharmaceuticals Trading Down 2.6%

NASDAQ:VRTX traded down $10.02 on Tuesday, reaching $375.63. The stock had a trading volume of 3,980,060 shares, compared to its average volume of 1,836,488. The company has a 50-day moving average of $452.30 and a 200 day moving average of $465.93. The stock has a market cap of $96.46 billion, a P/E ratio of 26.85 and a beta of 0.44. Vertex Pharmaceuticals has a 12-month low of $372.35 and a 12-month high of $519.88.

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 firm had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter last year, the firm earned ($12.83) EPS. Vertex Pharmaceuticals's quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts predict that Vertex Pharmaceuticals will post 15.63 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In other news, Director Bruce I. Sachs bought 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the completion of the purchase, the director directly owned 45,000 shares of the company's stock, valued at $17,535,600. This represents a 12.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Brighton Jones LLC lifted its position in shares of Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock valued at $1,783,000 after acquiring an additional 579 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at $3,731,000. Polymer Capital Management US LLC acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at $329,000. Bank of Montreal Can increased its stake in Vertex Pharmaceuticals by 4.3% in the 4th quarter. Bank of Montreal Can now owns 581,181 shares of the pharmaceutical company's stock worth $234,042,000 after purchasing an additional 23,964 shares in the last quarter. Finally, Shelton Capital Management raised its holdings in Vertex Pharmaceuticals by 1.2% during the 4th quarter. Shelton Capital Management now owns 54,631 shares of the pharmaceutical company's stock worth $22,000,000 after buying an additional 647 shares during the period. Institutional investors and hedge funds own 90.96% of the company's stock.

Vertex Pharmaceuticals Company Profile

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.