Vertex Pharmaceuticals (NASDAQ:VRTX) Reaches New 52-Week Low – What’s Next?

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $362.50 and last traded at $374.46, with a volume of 2792620 shares changing hands. The stock had previously closed at $366.54.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on VRTX. Erste Group Bank cut shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 23rd. Truist Financial set a $490.00 price target on shares of Vertex Pharmaceuticals and gave the company a “buy” rating in a research note on Tuesday, August 5th. Guggenheim decreased their price target on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Leerink Partners reissued a “market perform” rating and set a $503.00 price target (down from $550.00) on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Thirteen equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $497.10.

Vertex Pharmaceuticals Price Performance

The business’s 50-day moving average price is $449.35 and its two-hundred day moving average price is $465.50. The company has a market capitalization of $96.01 billion, a P/E ratio of 26.77 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same period last year, the business posted ($12.83) earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. Research analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the acquisition, the director directly owned 45,000 shares in the company, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in VRTX. GAMMA Investing LLC lifted its position in Vertex Pharmaceuticals by 60,572.3% during the 1st quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company’s stock worth $1,175,722,000 after buying an additional 2,421,073 shares in the last quarter. Capital World Investors grew its stake in Vertex Pharmaceuticals by 5.7% in the fourth quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company’s stock valued at $11,406,667,000 after purchasing an additional 1,514,993 shares in the last quarter. Capital Research Global Investors grew its stake in Vertex Pharmaceuticals by 15.8% in the fourth quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company’s stock valued at $4,199,713,000 after purchasing an additional 1,426,746 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Vertex Pharmaceuticals by 72.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,917,227 shares of the pharmaceutical company’s stock worth $1,414,331,000 after purchasing an additional 1,226,527 shares during the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Vertex Pharmaceuticals by 21.5% during the 2nd quarter. Jennison Associates LLC now owns 6,151,505 shares of the pharmaceutical company’s stock worth $2,738,650,000 after purchasing an additional 1,089,063 shares in the last quarter. 90.96% of the stock is 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 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.