Vertex Pharmaceuticals Inc. (VRTX) Lowered to Equal Weight at Barclays PLC
Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) was downgraded by stock analysts at Barclays PLC from an “overweight” rating to an “equal weight” rating in a report released on Tuesday.
A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Vertex Pharmaceuticals from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 27th. HC Wainwright cut Vertex Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their price target for the company from $155.00 to $85.00 in a report on Monday, October 24th. Citigroup Inc. initiated coverage on Vertex Pharmaceuticals in a report on Tuesday, September 13th. They set a “market perform” rating for the company. They noted that the move was a valuation call. BMO Capital Markets reaffirmed a “market perform” rating and set a $88.00 price target (up from $87.00) on shares of Vertex Pharmaceuticals in a report on Wednesday, October 26th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Vertex Pharmaceuticals in a report on Wednesday, October 5th. Seventeen investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $108.13.
Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) opened at 86.90 on Tuesday. The firm’s market capitalization is $21.55 billion. Vertex Pharmaceuticals has a 12 month low of $73.31 and a 12 month high of $132.81. The stock’s 50 day moving average price is $83.91 and its 200-day moving average price is $89.91.
Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Tuesday, October 25th. The pharmaceutical company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.02. Vertex Pharmaceuticals had a negative net margin of 13.45% and a negative return on equity of 5.31%. The business had revenue of $413.78 million for the quarter, compared to analyst estimates of $423.53 million. During the same period in the prior year, the business earned ($0.13) earnings per share. The company’s revenue for the quarter was up 33.6% on a year-over-year basis. On average, equities research analysts predict that Vertex Pharmaceuticals will post $0.78 EPS for the current fiscal year.
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In other news, Director Joshua S. Boger sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 23rd. The stock was sold at an average price of $86.47, for a total transaction of $562,055.00. Following the completion of the sale, the director now owns 274,725 shares in the company, valued at $23,755,470.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Paul M. Silva sold 5,062 shares of the business’s stock in a transaction that occurred on Thursday, November 10th. The stock was sold at an average price of $90.98, for a total value of $460,540.76. Following the sale, the senior vice president now owns 17,125 shares of the company’s stock, valued at approximately $1,558,032.50. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
Several large investors have recently modified their holdings of VRTX. FMR LLC boosted its stake in shares of Vertex Pharmaceuticals by 46.9% in the second quarter. FMR LLC now owns 22,227,104 shares of the pharmaceutical company’s stock worth $1,911,975,000 after buying an additional 7,092,351 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Vertex Pharmaceuticals by 74.2% in the third quarter. Jennison Associates LLC now owns 5,180,761 shares of the pharmaceutical company’s stock worth $451,814,000 after buying an additional 2,205,961 shares in the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter worth about $61,066,000. Capital World Investors boosted its stake in shares of Vertex Pharmaceuticals by 2.8% in the third quarter. Capital World Investors now owns 22,292,383 shares of the pharmaceutical company’s stock worth $1,944,119,000 after buying an additional 599,586 shares in the last quarter. Finally, Eaton Vance Management boosted its stake in shares of Vertex Pharmaceuticals by 142.8% in the second quarter. Eaton Vance Management now owns 994,957 shares of the pharmaceutical company’s stock worth $85,586,000 after buying an additional 585,172 shares in the last quarter. Institutional investors own 95.39% of the company’s stock.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in the business of discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company operates in pharmaceuticals segment. Its business is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.
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