Vertex Pharmaceuticals (NASDAQ:VRTX) Reaches New 12-Month Low – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on VRTX shares. Royal Bank Of Canada reduced their target price on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a “sector perform” rating for the company in a report on Tuesday, August 5th. UBS Group set a $553.00 target price on Vertex Pharmaceuticals and gave the company a “buy” rating in a research report on Tuesday, August 5th. 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 report on Tuesday, May 6th. The Goldman Sachs Group restated a “buy” rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Finally, Cantor Fitzgerald lowered their price objective on Vertex Pharmaceuticals from $535.00 to $485.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 5th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $497.10.

Vertex Pharmaceuticals Price Performance

The firm has a 50-day simple moving average of $447.18 and a 200 day simple moving average of $464.48. The stock has a market capitalization of $101.51 billion, a P/E ratio of 28.30 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 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter last year, the business earned ($12.83) EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts anticipate 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 firm’s stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 of the company’s stock, valued at approximately $17,535,600. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of institutional investors have recently made changes to their positions in VRTX. Brighton Jones LLC raised its position in shares of Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after acquiring an additional 579 shares in the last quarter. XTX Topco Ltd acquired a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $1,019,000. Jump Financial LLC increased its holdings in Vertex Pharmaceuticals by 2.4% in the fourth quarter. Jump Financial LLC now owns 3,041 shares of the pharmaceutical company’s stock worth $1,225,000 after purchasing an additional 72 shares in the last quarter. Gabelli Funds LLC lifted its stake in Vertex Pharmaceuticals by 1.6% in the fourth quarter. Gabelli Funds LLC now owns 17,674 shares of the pharmaceutical company’s stock valued at $7,117,000 after buying an additional 275 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of Vertex Pharmaceuticals by 11.4% during the 4th quarter. NewEdge Advisors LLC now owns 12,651 shares of the pharmaceutical company’s stock worth $5,095,000 after buying an additional 1,294 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

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.