Needham & Company LLC Reaffirms “Hold” Rating for Vertex Pharmaceuticals (NASDAQ:VRTX)

Needham & Company LLC restated their hold rating on shares of Vertex Pharmaceuticals (NASDAQ:VRTX) in a research note issued to investors on Friday morning,Benzinga reports.

Other equities analysts have also recently issued research reports about the company. Truist Financial lowered their target price on Vertex Pharmaceuticals from $550.00 to $460.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Citigroup began coverage on Vertex Pharmaceuticals in a research report on Thursday, November 14th. They issued a “buy” rating and a $575.00 target price on the stock. Canaccord Genuity Group upped their price target on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the stock a “sell” rating in a research report on Wednesday, November 6th. Piper Sandler lowered their price objective on shares of Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating on the stock in a report on Monday, January 27th. Finally, Jefferies Financial Group upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and increased their target price for the stock from $500.00 to $550.00 in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $502.58.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $461.68 on Friday. Vertex Pharmaceuticals has a one year low of $377.85 and a one year high of $519.88. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The stock’s 50-day moving average is $434.34 and its 200-day moving average is $463.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping the consensus estimate of $3.61 by $0.77. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $3.67 EPS. On average, equities research analysts anticipate that Vertex Pharmaceuticals will post -1.93 earnings per share for the current fiscal year.

Institutional Trading of Vertex Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Mutual Advisors LLC boosted its position in shares of Vertex Pharmaceuticals by 0.6% in the third quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock valued at $1,751,000 after acquiring an additional 21 shares during the period. Daymark Wealth Partners LLC boosted its holdings in Vertex Pharmaceuticals by 2.8% in the 3rd 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 during the period. Grove Bank & Trust grew its position in shares of Vertex Pharmaceuticals by 5.7% during the 3rd quarter. Grove Bank & Trust now owns 410 shares of the pharmaceutical company’s stock worth $191,000 after purchasing an additional 22 shares in the last quarter. Outlook Wealth Advisors LLC increased its holdings in shares of Vertex Pharmaceuticals by 2.8% during the third quarter. Outlook Wealth Advisors LLC now owns 892 shares of the pharmaceutical company’s stock worth $415,000 after purchasing an additional 24 shares during the period. Finally, Dunhill Financial LLC raised its position in shares of Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock valued at $27,000 after buying an additional 24 shares in the last quarter. 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.