Vertex Pharmaceuticals (NASDAQ:VRTX)‘s stock had its “outperform” rating reaffirmed by JMP Securities in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $211.00 target price on the pharmaceutical company’s stock, up from their previous target price of $200.00. JMP Securities’ price target would indicate a potential upside of 36.89% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the company. Credit Suisse Group upped their target price on Vertex Pharmaceuticals from $195.00 to $196.00 and gave the stock an “outperform” rating in a report on Tuesday. HC Wainwright reaffirmed a “hold” rating and issued a $103.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday. Zacks Investment Research raised Vertex Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday. Morgan Stanley upped their target price on Vertex Pharmaceuticals from $198.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, Bank of America upped their price target on Vertex Pharmaceuticals from $180.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $183.11.
Shares of Vertex Pharmaceuticals (VRTX) traded up $2.13 on Tuesday, reaching $154.14. The company’s stock had a trading volume of 1,624,480 shares, compared to its average volume of 2,060,000. Vertex Pharmaceuticals has a fifty-two week low of $84.39 and a fifty-two week high of $174.96. The company has a current ratio of 4.79, a quick ratio of 4.58 and a debt-to-equity ratio of 0.01. The firm has a market cap of $38,980.00, a PE ratio of 79.05, a PEG ratio of 2.23 and a beta of 1.61.
Vertex Pharmaceuticals announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 31st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the pharmaceutical company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Jeffrey M. Leiden sold 125,000 shares of the company’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $141.35, for a total transaction of $17,668,750.00. Following the sale, the chief executive officer now owns 237,407 shares in the company, valued at approximately $33,557,479.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Stuart A. Arbuckle sold 221 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $147.29, for a total value of $32,551.09. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 403,165 shares of company stock worth $62,154,183. 1.80% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC boosted its position in shares of Vertex Pharmaceuticals by 337.6% during the 4th quarter. Advisory Services Network LLC now owns 792 shares of the pharmaceutical company’s stock valued at $119,000 after purchasing an additional 611 shares in the last quarter. Smithfield Trust Co. bought a new position in Vertex Pharmaceuticals in the third quarter worth approximately $135,000. Whittier Trust Co. boosted its holdings in Vertex Pharmaceuticals by 153.5% in the fourth quarter. Whittier Trust Co. now owns 991 shares of the pharmaceutical company’s stock worth $149,000 after acquiring an additional 600 shares in the last quarter. FNY Managed Accounts LLC bought a new position in Vertex Pharmaceuticals in the third quarter worth approximately $162,000. Finally, Financial Gravity Companies Inc. bought a new position in Vertex Pharmaceuticals in the fourth quarter worth approximately $201,000. Institutional investors own 92.84% of the company’s stock.
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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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