RBC Capital Markets Reaffirms “Buy” Rating for Vertex Pharmaceuticals Inc. (VRTX)
Vertex Pharmaceuticals Inc. (NASDAQ:VRTX)‘s stock had its “buy” rating reissued by investment analysts at RBC Capital Markets in a research note issued to investors on Wednesday.
A number of other brokerages have also weighed in on VRTX. Jefferies Group restated a “buy” rating and issued a $107.00 price objective (up previously from $102.00) on shares of Vertex Pharmaceuticals in a report on Sunday, July 31st. Vetr upgraded Vertex Pharmaceuticals from a “buy” rating to a “strong-buy” rating and set a $94.50 price objective on the stock in a report on Monday, June 27th. Morgan Stanley decreased their price objective on Vertex Pharmaceuticals from $140.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, July 28th. JMP Securities restated a “buy” rating on shares of Vertex Pharmaceuticals in a report on Tuesday, August 16th. Finally, Piper Jaffray Cos. restated a “buy” rating on shares of Vertex Pharmaceuticals in a report on Saturday, June 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $117.60.
Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) traded up 1.12% during mid-day trading on Wednesday, hitting $81.05. 1,555,706 shares of the stock were exchanged. The company has a 50-day moving average price of $91.26 and a 200-day moving average price of $89.81. Vertex Pharmaceuticals has a 12 month low of $75.90 and a 12 month high of $134.71. The stock’s market cap is $20.08 billion.
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Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Wednesday, July 27th. The pharmaceutical company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. The company had revenue of $431.61 million for the quarter, compared to analyst estimates of $428.08 million. Vertex Pharmaceuticals had a negative return on equity of 12.34% and a negative net margin of 17.77%. The firm’s revenue for the quarter was up 159.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.54) EPS. Equities analysts expect that Vertex Pharmaceuticals will post $0.89 earnings per share for the current year.
In other news, EVP Stuart A. Arbuckle sold 1,208 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $86.46, for a total transaction of $104,443.68. Following the transaction, the executive vice president now directly owns 114,566 shares in the company, valued at $9,905,376.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joshua S. Boger sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $95.93, for a total transaction of $623,545.00. Following the transaction, the director now owns 274,725 shares in the company, valued at $26,354,369.25. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.
Several institutional investors have recently made changes to their positions in VRTX. Commonwealth Equity Services Inc raised its position in shares of Vertex Pharmaceuticals by 23.7% in the first quarter. Commonwealth Equity Services Inc now owns 6,999 shares of the pharmaceutical company’s stock worth $556,000 after buying an additional 1,342 shares during the period. Virginia Retirement System acquired a new position in shares of Vertex Pharmaceuticals during the first quarter worth about $317,000. NN Investment Partners Holdings N.V. acquired a new position in shares of Vertex Pharmaceuticals during the first quarter worth about $2,334,000. Aviva PLC raised its position in shares of Vertex Pharmaceuticals by 1.1% in the first quarter. Aviva PLC now owns 135,620 shares of the pharmaceutical company’s stock worth $10,780,000 after buying an additional 1,456 shares during the period. Finally, Credit Agricole S A raised its position in shares of Vertex Pharmaceuticals by 2.2% in the first quarter. Credit Agricole S A now owns 40,548 shares of the pharmaceutical company’s stock worth $3,222,000 after buying an additional 857 shares during the period. Institutional investors and hedge funds own 96.19% of the company’s stock.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in the business of discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company operates in pharmaceuticals segment. Its business is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.
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