Bank of America Lowers Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $522.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price reduced by investment analysts at Bank of America from $545.00 to $522.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the pharmaceutical company’s stock. Bank of America‘s target price would indicate a potential upside of 33.72% from the company’s current price.

A number of other brokerages have also issued reports on VRTX. Jefferies Financial Group raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their target price for the company from $500.00 to $550.00 in a research note on Monday, December 9th. Raymond James reissued a “market perform” rating on shares of Vertex Pharmaceuticals in a research report on Thursday, October 10th. StockNews.com lowered Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 21st. UBS Group lifted their price target on Vertex Pharmaceuticals from $562.00 to $586.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Citigroup initiated coverage on Vertex Pharmaceuticals in a report on Thursday, November 14th. They issued a “buy” rating and a $575.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $505.00.

Vertex Pharmaceuticals Stock Down 12.8 %

Shares of VRTX stock traded down $57.13 on Thursday, reaching $390.37. 5,072,662 shares of the company’s stock traded hands, compared to its average volume of 1,204,880. The business’s 50 day moving average price is $473.69 and its two-hundred day moving average price is $476.36. The company has a market capitalization of $100.53 billion, a P/E ratio of -196.17 and a beta of 0.36. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.20 and a current ratio of 2.47. Vertex Pharmaceuticals has a 12-month low of $377.85 and a 12-month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.67 EPS. On average, equities analysts forecast that Vertex Pharmaceuticals will post -1.83 earnings per share for the current year.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Northwest Investment Counselors LLC bought a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter worth approximately $25,000. Dunhill Financial LLC lifted its position in Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 24 shares during the period. Highline Wealth Partners LLC acquired a new stake in Vertex Pharmaceuticals during the third quarter worth $27,000. GHP Investment Advisors Inc. acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at $29,000. Finally, Legacy Investment Solutions LLC bought a new position in shares of Vertex Pharmaceuticals during the 3rd quarter worth about $33,000. 90.96% of the stock is currently 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.