JPMorgan Chase & Co. Lowers Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $500.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price lowered by research analysts at JPMorgan Chase & Co. from $503.00 to $500.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the pharmaceutical company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 22.49% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. StockNews.com downgraded shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 21st. Scotiabank increased their target price on shares of Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 5th. Needham & Company LLC reiterated a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, December 20th. Stifel Nicolaus lifted their price target on Vertex Pharmaceuticals from $490.00 to $494.00 and gave the stock a “hold” rating in a report on Monday, December 16th. Finally, BMO Capital Markets lowered their target price on Vertex Pharmaceuticals from $566.00 to $520.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $494.04.

Vertex Pharmaceuticals Stock Performance

VRTX opened at $408.18 on Monday. Vertex Pharmaceuticals has a 12-month low of $377.85 and a 12-month high of $519.88. The stock’s 50 day moving average price is $468.82 and its two-hundred day moving average price is $474.68. The firm has a market capitalization of $105.12 billion, a P/E ratio of -205.12 and a beta of 0.36. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same period in the previous year, the business earned $3.67 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. On average, equities analysts forecast that Vertex Pharmaceuticals will post -1.83 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Northwest Investment Counselors LLC purchased a new stake in Vertex Pharmaceuticals in the third quarter valued at $25,000. Highline Wealth Partners LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter valued at about $27,000. Dunhill Financial LLC boosted its position in shares of Vertex Pharmaceuticals by 70.6% in the 3rd quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 24 shares during the period. GHP Investment Advisors Inc. purchased a new position in Vertex Pharmaceuticals during the 2nd quarter worth approximately $29,000. Finally, Stephens Consulting LLC purchased a new position in Vertex Pharmaceuticals during the 2nd quarter worth approximately $31,000. 90.96% of the stock is owned by institutional investors and hedge funds.

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.