Vertex Pharmaceuticals (NASDAQ:VRTX) Sets New 1-Year Low Following Analyst Downgrade

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)’s stock price hit a new 52-week low during mid-day trading on Thursday after Barclays lowered their price target on the stock from $509.00 to $418.00. Barclays currently has an equal weight rating on the stock. Vertex Pharmaceuticals traded as low as $377.85 and last traded at $396.87, with a volume of 2044282 shares trading hands. The stock had previously closed at $447.50.

A number of other brokerages have also issued reports on VRTX. Raymond James reaffirmed a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. BMO Capital Markets dropped their target price on shares of Vertex Pharmaceuticals from $566.00 to $520.00 and set an “outperform” rating for the company in a report on Friday. UBS Group raised their price target on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price objective on shares of Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Finally, HC Wainwright decreased their target price on shares of Vertex Pharmaceuticals from $600.00 to $535.00 and set a “buy” rating on the stock in a research note on Friday. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $499.77.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Groesbeck Investment Management Corp NJ lifted its holdings in Vertex Pharmaceuticals by 1.2% during the 2nd quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock worth $841,000 after buying an additional 21 shares during the last quarter. Mutual Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 0.6% during the 3rd quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock worth $1,751,000 after acquiring an additional 21 shares in the last quarter. Drive Wealth Management LLC lifted its stake in Vertex Pharmaceuticals by 2.0% during the second quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock worth $516,000 after purchasing an additional 22 shares during the last quarter. Daymark Wealth Partners LLC boosted its holdings in Vertex Pharmaceuticals by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 804 shares of the pharmaceutical company’s stock valued at $374,000 after purchasing an additional 22 shares in the last quarter. Finally, Grove Bank & Trust boosted its holdings in Vertex Pharmaceuticals by 5.7% in the third quarter. Grove Bank & Trust now owns 410 shares of the pharmaceutical company’s stock valued at $191,000 after purchasing an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

The company has a market capitalization of $102.31 billion, a PE ratio of -199.63 and a beta of 0.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.20. The company’s 50 day simple moving average is $470.41 and its 200 day simple moving average is $475.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same quarter last year, the company posted $3.67 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current year.

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.