Vertex Pharmaceuticals (NASDAQ:VRTX) Rating Increased to Buy at Wall Street Zen

Vertex Pharmaceuticals (NASDAQ:VRTX) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Other research analysts have also issued research reports about the company. Oppenheimer upped their price target on Vertex Pharmaceuticals from $540.00 to $600.00 and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Bank of America lifted their price objective on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a “buy” rating in a research report on Tuesday, March 10th. Citigroup boosted their target price on Vertex Pharmaceuticals from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Tuesday, March 10th. Barclays upped their target price on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, HC Wainwright raised their price target on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Twenty-two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $555.91.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $451.63 on Friday. The stock has a market capitalization of $114.62 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 1.93 and a beta of 0.30. The firm’s 50-day moving average price is $438.71 and its two-hundred day moving average price is $453.13. Vertex Pharmaceuticals has a 12-month low of $362.50 and a 12-month high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. Vertex Pharmaceuticals’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business posted $4.06 earnings per share. Equities analysts predict that Vertex Pharmaceuticals will post 17.02 EPS for the current year.

Insider Transactions at Vertex Pharmaceuticals

In related news, Director Sangeeta N. Bhatia sold 318 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.73, for a total transaction of $134,746.14. Following the sale, the director owned 4,924 shares of the company’s stock, valued at $2,086,446.52. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $425.02, for a total transaction of $469,222.08. Following the completion of the sale, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This trade represents a 5.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 15,195 shares of company stock valued at $6,801,006 in the last three months. 0.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Large investors have recently made changes to their positions in the business. Danske Bank A S purchased a new stake in Vertex Pharmaceuticals during the 3rd quarter valued at $64,417,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Vertex Pharmaceuticals by 3.8% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 544,978 shares of the pharmaceutical company’s stock worth $213,435,000 after purchasing an additional 20,053 shares during the last quarter. Legacy Capital Group California Inc. purchased a new position in shares of Vertex Pharmaceuticals in the third quarter worth $956,000. Victory Capital Management Inc. lifted its holdings in shares of Vertex Pharmaceuticals by 4.3% during the third quarter. Victory Capital Management Inc. now owns 2,247,566 shares of the pharmaceutical company’s stock valued at $880,237,000 after purchasing an additional 92,402 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of Vertex Pharmaceuticals by 23.8% during the fourth quarter. Nordea Investment Management AB now owns 447,169 shares of the pharmaceutical company’s stock valued at $202,612,000 after purchasing an additional 86,084 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

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.