Needham & Company LLC Reaffirms Buy Rating for Vertex Pharmaceuticals Incorporated (VRTX)
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research report issued on Sunday. They currently have a $195.00 target price on the pharmaceutical company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 26.94% from the stock’s previous close.
Other analysts have also issued reports about the stock. Jefferies Group LLC restated a “buy” rating and set a $126.00 price target on shares of Vertex Pharmaceuticals in a research report on Friday, June 9th. Zacks Investment Research upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $144.00 price target for the company in a research report on Tuesday, July 4th. BidaskClub lowered shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 28th. Stifel Nicolaus upped their price target on shares of Vertex Pharmaceuticals from $130.00 to $154.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, Janney Montgomery Scott upgraded shares of Vertex Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a research report on Wednesday, July 19th. Six investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $163.35.
Vertex Pharmaceuticals (NASDAQ VRTX) opened at 153.61 on Friday. Vertex Pharmaceuticals has a one year low of $71.46 and a one year high of $167.86. The firm’s 50-day moving average price is $154.58 and its 200 day moving average price is $127.13. The firm has a market capitalization of $38.73 billion, a P/E ratio of 147.56 and a beta of 1.75.
Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Wednesday, July 26th. The pharmaceutical company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.33. Vertex Pharmaceuticals had a net margin of 12.05% and a return on equity of 4.64%. The business had revenue of $544.10 million during the quarter, compared to analyst estimates of $489.95 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s revenue was up 26.1% on a year-over-year basis. On average, equities analysts anticipate that Vertex Pharmaceuticals will post $1.60 earnings per share for the current fiscal year.
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In related news, EVP David Altshuler sold 1,796 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $160.00, for a total value of $287,360.00. Following the completion of the transaction, the executive vice president now directly owns 107,807 shares of the company’s stock, valued at $17,249,120. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey M. Leiden sold 216,624 shares of the stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $160.96, for a total transaction of $34,867,799.04. Following the completion of the transaction, the chief executive officer now directly owns 400,266 shares of the company’s stock, valued at $64,426,815.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 526,092 shares of company stock valued at $84,101,702. 1.80% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Guardian Life Insurance Co. of America raised its stake in Vertex Pharmaceuticals by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 956 shares of the pharmaceutical company’s stock worth $105,000 after buying an additional 6 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Vertex Pharmaceuticals by 15.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 988 shares of the pharmaceutical company’s stock worth $127,000 after buying an additional 132 shares in the last quarter. FNY Partners Fund LP raised its stake in Vertex Pharmaceuticals by 900.0% in the second quarter. FNY Partners Fund LP now owns 1,000 shares of the pharmaceutical company’s stock worth $128,000 after buying an additional 900 shares in the last quarter. Dupont Capital Management Corp bought a new position in Vertex Pharmaceuticals in the second quarter worth about $186,000. Finally, State of Alaska Department of Revenue bought a new position in Vertex Pharmaceuticals in the second quarter worth about $197,000. 92.88% of the stock is owned by institutional investors.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company 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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