Vertex Pharmaceuticals (NASDAQ:VRTX) Shares Gap Down After Analyst Downgrade

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) gapped down before the market opened on Friday after Stifel Nicolaus lowered their price target on the stock from $277.00 to $244.00. The stock had previously closed at $216.77, but opened at $189.30. Stifel Nicolaus currently has a buy rating on the stock. Vertex Pharmaceuticals shares last traded at $196.57, with a volume of 174,012 shares trading hands.

Other analysts have also recently issued research reports about the company. Barclays cut their price objective on Vertex Pharmaceuticals from $302.00 to $285.00 and set an “overweight” rating on the stock in a research note on Friday. Robert W. Baird dropped their price target on Vertex Pharmaceuticals from $252.00 to $240.00 and set an “outperform” rating on the stock in a research report on Friday. They noted that the move was a valuation call. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell dropped their price target on Vertex Pharmaceuticals from $325.00 to $285.00 and set a “buy” rating on the stock in a research report on Friday. Zacks Investment Research upgraded Vertex Pharmaceuticals from a “sell” rating to a “hold” rating and set a $226.00 price target on the stock in a research report on Wednesday, May 5th. Finally, The Goldman Sachs Group dropped their price target on Vertex Pharmaceuticals from $358.00 to $307.00 and set a “buy” rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Vertex Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $278.32.

In other news, EVP Bastiano Sanna sold 1,686 shares of the firm’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $214.14, for a total transaction of $361,040.04. Following the completion of the sale, the executive vice president now directly owns 36,223 shares of the company’s stock, valued at approximately $7,756,793.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 559 shares of the firm’s stock in a transaction on Wednesday, June 2nd. The stock was sold at an average price of $209.69, for a total value of $117,216.71. Following the sale, the director now directly owns 5,465 shares of the company’s stock, valued at $1,145,955.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,089 shares of company stock valued at $1,527,127. 0.30% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC boosted its stake in shares of Vertex Pharmaceuticals by 40.9% during the 1st quarter. Advisory Services Network LLC now owns 2,934 shares of the pharmaceutical company’s stock worth $632,000 after acquiring an additional 852 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in shares of Vertex Pharmaceuticals by 15.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 2,103 shares of the pharmaceutical company’s stock worth $451,000 after acquiring an additional 279 shares in the last quarter. Schroder Investment Management Group boosted its stake in shares of Vertex Pharmaceuticals by 1.6% during the 1st quarter. Schroder Investment Management Group now owns 25,960 shares of the pharmaceutical company’s stock worth $5,579,000 after acquiring an additional 401 shares in the last quarter. Strategic Wealth Partners Ltd. boosted its stake in shares of Vertex Pharmaceuticals by 144.8% during the 1st quarter. Strategic Wealth Partners Ltd. now owns 2,514 shares of the pharmaceutical company’s stock worth $540,000 after acquiring an additional 1,487 shares in the last quarter. Finally, Pendal Group Limited boosted its stake in shares of Vertex Pharmaceuticals by 35.6% during the 1st quarter. Pendal Group Limited now owns 17,562 shares of the pharmaceutical company’s stock worth $3,774,000 after acquiring an additional 4,609 shares in the last quarter. 90.06% of the stock is owned by institutional investors and hedge funds.

The company has a market capitalization of $50.89 billion, a price-to-earnings ratio of 18.72, a P/E/G ratio of 1.89 and a beta of 0.68. The firm has a 50 day simple moving average of $213.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.39 and a quick ratio of 4.24.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Thursday, April 29th. The pharmaceutical company reported $2.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.38 by $0.60. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Vertex Pharmaceuticals had a return on equity of 29.61% and a net margin of 43.06%. On average, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 9.42 earnings per share for the current year.

About Vertex Pharmaceuticals (NASDAQ:VRTX)

Vertex Pharmaceuticals, Inc is a global biotechnology company. It engages in the business of discovering, developing, manufacturing and commercializing small molecule drugs for patients with serious diseases. The firm focuses on development and commercializing therapies for the treatment of cystic fibrosis, infectious diseases including viral infections such as influenza and bacterial infections, autoimmune diseases such as rheumatoid arthritis, cancer, inflammatory bowel disease and neurological disorders including pain and multiple sclerosis.

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