Leerink Partners Forecasts Strong Price Appreciation for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target lifted by equities researchers at Leerink Partners from $456.00 to $525.00 in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the pharmaceutical company’s stock. Leerink Partners’ price target would indicate a potential upside of 15.71% from the company’s previous close.

Several other analysts have also recently weighed in on VRTX. Raymond James Financial assumed coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, September 2nd. They issued a “market perform” rating for the company. JPMorgan Chase & Co. upped their price objective on Vertex Pharmaceuticals from $517.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. UBS Group raised Vertex Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, December 4th. Scotiabank started coverage on Vertex Pharmaceuticals in a research report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $502.05.

Vertex Pharmaceuticals Stock Down 1.3%

Shares of NASDAQ:VRTX opened at $453.74 on Monday. Vertex Pharmaceuticals has a 52-week low of $362.50 and a 52-week high of $519.68. The stock has a market cap of $115.12 billion, a P/E ratio of 32.00 and a beta of 0.32. The business has a fifty day moving average of $437.13 and a two-hundred day moving average of $426.17.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 EPS for the quarter, topping the consensus estimate of $4.58 by $0.22. Vertex Pharmaceuticals had a return on equity of 23.51% and a net margin of 31.35%.The business had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the previous year, the firm earned $4.38 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, equities analysts anticipate that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Insider Activity

In other Vertex Pharmaceuticals news, EVP Charles F. Wagner, Jr. sold 14,000 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the sale, the executive vice president directly owned 37,725 shares in the company, valued at $17,202,600. This represents a 27.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the completion of the transaction, the chairman directly owned 24,026 shares of the company’s stock, valued at approximately $10,792,479.20. The trade was a 72.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 151,073 shares of company stock valued at $67,326,816. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Triumph Capital Management acquired a new position in shares of Vertex Pharmaceuticals during the third quarter worth about $43,000. AIA Group Ltd lifted its stake in Vertex Pharmaceuticals by 26.0% in the third quarter. AIA Group Ltd now owns 56,054 shares of the pharmaceutical company’s stock worth $21,953,000 after acquiring an additional 11,570 shares during the last quarter. Mirabella Financial Services LLP grew its holdings in Vertex Pharmaceuticals by 133.9% during the 3rd quarter. Mirabella Financial Services LLP now owns 5,377 shares of the pharmaceutical company’s stock worth $2,102,000 after acquiring an additional 3,078 shares in the last quarter. Hudson Bay Capital Management LP increased its position in shares of Vertex Pharmaceuticals by 0.6% in the 3rd quarter. Hudson Bay Capital Management LP now owns 45,315 shares of the pharmaceutical company’s stock valued at $17,747,000 after purchasing an additional 269 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Vertex Pharmaceuticals by 37.6% during the 3rd quarter. IFP Advisors Inc now owns 2,188 shares of the pharmaceutical company’s stock worth $937,000 after purchasing an additional 598 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.