Evercore ISI cut shares of Vertex Pharmaceuticals (NASDAQ:VRTX – Free Report) from an outperform rating to an in-line rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. Evercore ISI currently has $438.00 target price on the pharmaceutical company’s stock, up from their previous target price of $436.00.
Several other research analysts also recently commented on the stock. Maxim Group downgraded shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research note on Wednesday, January 31st. Sanford C. Bernstein downgraded shares of Vertex Pharmaceuticals from an outperform rating to a market perform rating in a research note on Friday, February 2nd. Barclays lifted their target price on shares of Vertex Pharmaceuticals from $408.00 to $415.00 and gave the stock an overweight rating in a research note on Monday, December 11th. Cantor Fitzgerald lifted their target price on shares of Vertex Pharmaceuticals from $415.00 to $440.00 and gave the stock an overweight rating in a research note on Wednesday, January 24th. Finally, Truist Financial lifted their target price on shares of Vertex Pharmaceuticals from $456.00 to $508.00 and gave the stock a buy rating in a research note on Wednesday, January 31st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $412.62.
Vertex Pharmaceuticals Price Performance
Vertex Pharmaceuticals (NASDAQ:VRTX – Get Free Report) last announced its earnings results on Monday, February 5th. The pharmaceutical company reported $4.20 earnings per share for the quarter, beating analysts’ consensus estimates of $3.85 by $0.35. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.50 billion. Vertex Pharmaceuticals had a net margin of 36.68% and a return on equity of 21.91%. During the same period last year, the firm posted $3.33 earnings per share. As a group, sell-side analysts predict that Vertex Pharmaceuticals will post 14.5 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, Chairman Jeffrey M. Leiden sold 6,648 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $419.07, for a total transaction of $2,785,977.36. Following the completion of the transaction, the chairman now directly owns 2,423 shares in the company, valued at approximately $1,015,406.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.40% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of VRTX. Norges Bank bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter valued at approximately $707,950,000. Capital Research Global Investors raised its holdings in Vertex Pharmaceuticals by 278.0% during the 2nd quarter. Capital Research Global Investors now owns 3,061,676 shares of the pharmaceutical company’s stock valued at $1,077,434,000 after buying an additional 2,251,781 shares during the period. Capital World Investors raised its holdings in Vertex Pharmaceuticals by 7.4% during the 2nd quarter. Capital World Investors now owns 17,340,634 shares of the pharmaceutical company’s stock valued at $6,102,288,000 after buying an additional 1,196,211 shares during the period. Macquarie Group Ltd. raised its holdings in Vertex Pharmaceuticals by 232.3% during the 2nd quarter. Macquarie Group Ltd. now owns 933,179 shares of the pharmaceutical company’s stock valued at $262,961,000 after buying an additional 652,321 shares during the period. Finally, Winslow Capital Management LLC increased its stake in Vertex Pharmaceuticals by 133.4% in the second quarter. Winslow Capital Management LLC now owns 1,138,941 shares of the pharmaceutical company’s stock worth $400,805,000 after purchasing an additional 650,966 shares during the period. 90.77% of the stock is currently owned by institutional investors.
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 and SYMDEKO/SYMKEVI for people with CF with at least one F508del mutation for 6 years of age or older; ORKAMBI for CF homozygous F508del mutation for CF patients 2 year or older; and KALYDECO for the treatment of patients with 4 months or older who have CF with a mutation that is responsive to ivacaftor, and R117H mutation or one of certain gating mutations.
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