Piper Sandler Boosts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $256.00

Vertex Pharmaceuticals (NASDAQ:VRTXGet Rating) had its price objective hoisted by Piper Sandler from $242.00 to $256.00 in a report issued on Tuesday, The Fly reports. Piper Sandler currently has a neutral rating on the pharmaceutical company’s stock.

A number of other research firms have also recently commented on VRTX. Argus lifted their price target on Vertex Pharmaceuticals from $275.00 to $280.00 and gave the stock a buy rating in a report on Monday, June 13th. Cowen boosted their price objective on Vertex Pharmaceuticals from $305.00 to $310.00 in a report on Monday, June 13th. Morgan Stanley upgraded Vertex Pharmaceuticals from an underweight rating to an equal weight rating and set a $250.00 price objective for the company in a report on Tuesday, May 3rd. Robert W. Baird cut Vertex Pharmaceuticals from an outperform rating to a neutral rating and set a $250.00 price objective for the company. in a report on Friday, May 6th. Finally, Oppenheimer boosted their price objective on Vertex Pharmaceuticals from $305.00 to $350.00 in a report on Monday, April 4th. Six analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals currently has a consensus rating of Moderate Buy and a consensus price target of $287.68.

Vertex Pharmaceuticals Trading Down 2.1 %

Vertex Pharmaceuticals stock opened at $280.82 on Tuesday. Vertex Pharmaceuticals has a 52 week low of $176.36 and a 52 week high of $296.84. The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.60 and a current ratio of 4.75. The stock has a market capitalization of $71.82 billion, a P/E ratio of 29.56, a PEG ratio of 2.08 and a beta of 0.50. The stock has a 50-day simple moving average of $276.37 and a 200 day simple moving average of $258.60.

Vertex Pharmaceuticals (NASDAQ:VRTXGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The pharmaceutical company reported $3.16 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.01). Vertex Pharmaceuticals had a return on equity of 32.24% and a net margin of 30.84%. The business had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the business posted $2.54 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. Analysts expect that Vertex Pharmaceuticals will post 12.46 earnings per share for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CEO Reshma Kewalramani sold 11,689 shares of the business’s stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $291.30, for a total transaction of $3,405,005.70. Following the completion of the transaction, the chief executive officer now directly owns 111,153 shares in the company, valued at $32,378,868.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Charles F. Wagner, Jr. sold 343 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $258.83, for a total transaction of $88,778.69. Following the completion of the transaction, the chief financial officer now directly owns 42,730 shares in the company, valued at $11,059,805.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Reshma Kewalramani sold 11,689 shares of the company’s stock in a transaction on Friday, June 24th. The stock was sold at an average price of $291.30, for a total transaction of $3,405,005.70. Following the transaction, the chief executive officer now owns 111,153 shares of the company’s stock, valued at $32,378,868.90. The disclosure for this sale can be found here. Insiders sold a total of 163,375 shares of company stock worth $46,179,357 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VRTX. Norges Bank acquired a new position in shares of Vertex Pharmaceuticals during the fourth quarter worth $588,506,000. Wellington Management Group LLP increased its holdings in Vertex Pharmaceuticals by 23.6% in the first quarter. Wellington Management Group LLP now owns 8,053,710 shares of the pharmaceutical company’s stock valued at $2,101,776,000 after purchasing an additional 1,535,255 shares during the period. Alliancebernstein L.P. increased its holdings in Vertex Pharmaceuticals by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 10,443,771 shares of the pharmaceutical company’s stock valued at $2,293,452,000 after purchasing an additional 1,374,923 shares during the period. Capital World Investors increased its holdings in Vertex Pharmaceuticals by 9.9% in the first quarter. Capital World Investors now owns 12,666,130 shares of the pharmaceutical company’s stock valued at $3,305,417,000 after purchasing an additional 1,145,275 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in Vertex Pharmaceuticals by 451.9% in the fourth quarter. Lazard Asset Management LLC now owns 915,720 shares of the pharmaceutical company’s stock valued at $201,090,000 after purchasing an additional 749,784 shares during the period. 89.84% of the stock is currently owned by institutional investors and hedge funds.

About Vertex Pharmaceuticals

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Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene; and TRIKAFTA for the treatment of patients with CF 6 years of age or older who have at least one F508del mutation.

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