Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target hoisted by equities research analysts at Credit Suisse Group from $195.00 to $196.00 in a report released on Tuesday. The brokerage presently has an “outperform” rating on the pharmaceutical company’s stock. Credit Suisse Group’s price objective indicates a potential upside of 28.94% from the stock’s current price.
Several other research firms have also weighed in on VRTX. Leerink Swann restated an “outperform” rating and issued a $190.00 target price (up from $175.00) on shares of Vertex Pharmaceuticals in a report on Thursday, February 1st. BMO Capital Markets boosted their target price on Vertex Pharmaceuticals from $184.00 to $191.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Barclays boosted their target price on Vertex Pharmaceuticals from $180.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, February 1st. Jefferies Group restated a “buy” rating and issued a $195.00 target price on shares of Vertex Pharmaceuticals in a report on Thursday, February 1st. Finally, Royal Bank of Canada boosted their target price on Vertex Pharmaceuticals to $200.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the stock. Vertex Pharmaceuticals currently has an average rating of “Buy” and an average target price of $180.11.
Shares of Vertex Pharmaceuticals (VRTX) opened at $152.01 on Tuesday. The stock has a market capitalization of $38,737.58, a PE ratio of 146.16, a PEG ratio of 2.23 and a beta of 1.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.58 and a current ratio of 4.79. Vertex Pharmaceuticals has a 1-year low of $84.39 and a 1-year high of $174.96.
Vertex Pharmaceuticals announced that its board has initiated a share repurchase plan on Wednesday, January 31st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the pharmaceutical company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, CFO Thomas Graney sold 777 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $149.95, for a total transaction of $116,511.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jeffrey M. Leiden sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $141.35, for a total value of $17,668,750.00. Following the sale, the chief executive officer now owns 237,407 shares in the company, valued at $33,557,479.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 403,165 shares of company stock worth $62,154,183. 1.80% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Achmea Investment Management B.V. grew its position in Vertex Pharmaceuticals by 68.0% in the second quarter. Achmea Investment Management B.V. now owns 8,668 shares of the pharmaceutical company’s stock valued at $1,116,000 after acquiring an additional 3,507 shares during the period. Picton Mahoney Asset Management bought a new stake in Vertex Pharmaceuticals in the third quarter valued at $13,077,000. IFM Investors Pty Ltd bought a new stake in Vertex Pharmaceuticals in the third quarter valued at $1,064,000. Icon Advisers Inc. Co. grew its position in Vertex Pharmaceuticals by 93.1% in the third quarter. Icon Advisers Inc. Co. now owns 54,463 shares of the pharmaceutical company’s stock valued at $8,281,000 after acquiring an additional 26,253 shares during the period. Finally, Sanders Morris Harris LLC bought a new stake in Vertex Pharmaceuticals in the third quarter valued at $1,117,000. Institutional investors and hedge funds own 92.84% of the company’s stock.
Vertex Pharmaceuticals Company Profile
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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