JPMorgan Chase & Co. Lowers Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $503.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $510.00 to $503.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the pharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 2.95% from the stock’s previous close.

VRTX has been the topic of several other reports. StockNews.com downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. Needham & Company LLC restated a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Friday, July 26th. TD Cowen upped their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Bank of America reduced their target price on Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Royal Bank of Canada reduced their target price on Vertex Pharmaceuticals from $431.00 to $425.00 and set a “sector perform” rating on the stock in a research report on Friday, October 4th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $492.29.

Vertex Pharmaceuticals Price Performance

VRTX traded up $15.78 during trading on Tuesday, reaching $488.58. 394,052 shares of the stock were exchanged, compared to its average volume of 1,163,664. The business’s 50 day moving average price is $474.34 and its two-hundred day moving average price is $466.02. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26. The company has a market capitalization of $126.10 billion, a price-to-earnings ratio of -240.68 and a beta of 0.39. Vertex Pharmaceuticals has a 1 year low of $341.90 and a 1 year high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the previous year, the business earned $3.67 earnings per share. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex Pharmaceuticals will post -2.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total value of $1,086,990.00. Following the sale, the chief marketing officer now directly owns 23,259 shares in the company, valued at $11,088,728.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the transaction, the chairman now directly owns 9,994 shares in the company, valued at approximately $4,987,006. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total value of $1,086,990.00. Following the transaction, the chief marketing officer now owns 23,259 shares in the company, valued at approximately $11,088,728.25. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,710 shares of company stock valued at $3,298,206. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Groesbeck Investment Management Corp NJ raised its position in shares of Vertex Pharmaceuticals by 1.2% during the second quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock worth $841,000 after purchasing an additional 21 shares during the period. Mutual Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 0.6% during the third quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock valued at $1,751,000 after buying an additional 21 shares in the last quarter. Institute for Wealth Management LLC. grew its holdings in shares of Vertex Pharmaceuticals by 0.6% during the second quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock valued at $1,681,000 after buying an additional 22 shares in the last quarter. Drive Wealth Management LLC grew its holdings in shares of Vertex Pharmaceuticals by 2.0% during the second quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock valued at $516,000 after buying an additional 22 shares in the last quarter. Finally, Daymark Wealth Partners LLC grew its holdings in shares of Vertex Pharmaceuticals by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 804 shares of the pharmaceutical company’s stock valued at $374,000 after buying an additional 22 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

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.