Vertex Pharmaceuticals (NASDAQ:VRTX) Given New $546.00 Price Target at Guggenheim

Key Points

• Analysts at Guggenheim have lowered the price target for Vertex Pharmaceuticals from $558.00 to $546.00, maintaining a "buy" rating, indicating a potential upside of 41.04% from its current price.
• Other analysts have adjusted their ratings as well, with Scotiabank reducing its target to $438.00, and Leerink Partners downgrading their rating from "strong-buy" to "hold."
• Vertex Pharmaceuticals reported earnings of $4.52 per share for the recent quarter, exceeding analyst expectations, and showing an 11.3% year-over-year revenue increase.

Vertex Pharmaceuticals (NASDAQ:VRTX - Free Report) had its target price lowered by Guggenheim from $558.00 to $546.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the pharmaceutical company's stock.

Other analysts have also issued research reports about the stock. Leerink Partners reaffirmed 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. BMO Capital Markets set a $530.00 target price on Vertex Pharmaceuticals and gave the company an "outperform" rating in a research note on Tuesday. Royal Bank Of Canada dropped their target price on Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating for the company in a research report on Tuesday. Morgan Stanley set a $439.00 target price on Vertex Pharmaceuticals and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Scotiabank reduced their price target on shares of Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating on the stock in a research 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $497.10.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX traded down $6.35 on Wednesday, hitting $369.28. 703,091 shares of the stock traded hands, compared to its average volume of 1,617,874. The business's fifty day moving average is $452.30 and its two-hundred day moving average is $465.93. Vertex Pharmaceuticals has a 12 month low of $369.88 and a 12 month high of $519.88. The firm has a market capitalization of $94.83 billion, a price-to-earnings ratio of 26.37 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.28. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the firm posted ($12.83) EPS. Analysts expect that Vertex Pharmaceuticals will post 15.63 EPS for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs purchased 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of $389.68 per share, with a total value of $1,948,400.00. Following the purchase, the director 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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Capital World Investors raised its holdings in Vertex Pharmaceuticals by 5.7% in the 4th quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after buying an additional 1,514,993 shares during the period. Vanguard Group Inc. raised its stake in shares of Vertex Pharmaceuticals by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 23,491,161 shares of the pharmaceutical company's stock valued at $11,388,985,000 after acquiring an additional 232,873 shares during the period. Capital Research Global Investors increased its holdings in Vertex Pharmaceuticals by 15.8% in the 4th quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock valued at $4,199,713,000 after purchasing an additional 1,426,746 shares during the last quarter. Jennison Associates LLC raised its position in Vertex Pharmaceuticals by 21.5% in the second quarter. Jennison Associates LLC now owns 6,151,505 shares of the pharmaceutical company's stock valued at $2,738,650,000 after purchasing an additional 1,089,063 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Vertex Pharmaceuticals by 2.9% during the second quarter. Geode Capital Management LLC now owns 5,928,747 shares of the pharmaceutical company's stock worth $2,627,135,000 after purchasing an additional 166,987 shares in the last quarter. 90.96% of the stock is currently 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.