Robert W. Baird Issues Positive Forecast for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Price

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price lifted by equities research analysts at Robert W. Baird from $330.00 to $350.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the pharmaceutical company’s stock. Robert W. Baird’s price target would suggest a potential downside of 33.91% from the stock’s previous close.

VRTX has been the subject of several other research reports. Truist Financial started coverage on shares of Vertex Pharmaceuticals in a research report on Wednesday, May 27th. They set a “buy” rating and a $542.00 target price for the company. Royal Bank Of Canada upped their price objective on Vertex Pharmaceuticals from $541.00 to $543.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Sanford C. Bernstein cut their target price on Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 5th. Morgan Stanley raised their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Finally, Bank of America boosted their target price on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a “buy” rating in a research report on Tuesday, March 10th. Twenty-one investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $547.33.

Vertex Pharmaceuticals Trading Up 0.3%

Vertex Pharmaceuticals stock opened at $529.59 on Tuesday. The company has a market cap of $134.41 billion, a PE ratio of 31.41, a PEG ratio of 2.26 and a beta of 0.29. Vertex Pharmaceuticals has a 1 year low of $362.50 and a 1 year high of $529.99. The company’s 50-day moving average is $449.37 and its two-hundred day moving average is $456.46.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping the consensus estimate of $4.24 by $0.23. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations 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 was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.06 EPS. Research analysts forecast that Vertex Pharmaceuticals will post 17.02 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Joy Liu sold 1,104 shares of the stock in a transaction that occurred on 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 directly owned 20,729 shares of the company’s stock, valued at approximately $8,810,239.58. This represents a 5.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $482.50, for a total transaction of $287,570.00. Following the sale, the chief marketing officer owned 15,337 shares in the company, valued at $7,400,102.50. This trade represents a 3.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,833 shares of company stock worth $7,120,702 over the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Motiv8 Investments LLC acquired a new position in Vertex Pharmaceuticals in the 4th quarter worth $26,000. Swiss RE Ltd. acquired a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $28,000. Eagle Bay Advisors LLC acquired a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $29,000. IMG Wealth Management Inc. lifted its holdings in shares of Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock valued at $31,000 after purchasing an additional 50 shares in the last quarter. Finally, Ares Financial Consulting LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $33,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Vertex Pharmaceuticals

Here are the key news stories impacting Vertex Pharmaceuticals this week:

• Positive Sentiment: Vertex agreed to buy Crinetics Pharmaceuticals (NASDAQ: CRNX) for $85 per share in cash, valuing the deal at about $10 billion. Investors view the acquisition as pipeline-expanding and potentially revenue-accretive, with management saying the assets could add materially to future sales. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: The acquisition sparked a strong rally in CRNX, underscoring market confidence in the deal terms and Vertex’s willingness to use its balance sheet to broaden its endocrinology pipeline. Vertex to buy Crinetics in $10 billion deal
• Positive Sentiment: Vertex also signed a letter of intent with Canada’s pCPA for ALYFTREK, which could support broader reimbursement and international commercialization for its cystic fibrosis franchise. Vertex Signs Letter of Intent (LOI) with the pan-Canadian Pharmaceutical Alliance for ALYFTREK
• Neutral Sentiment: Vertex shares have been trading near all-time highs, and some commentary suggests the stock remains richly valued despite its strong year-to-date run, which may temper upside after the rally. Vertex Pharmaceuticals Stock Is Soaring and at a New All-Time High. Could It Still Be Heading Even Higher?
• Negative Sentiment: The market initially reacted cautiously to the deal for VRTX, with reports of the stock slipping after hours on concerns about the size of the acquisition and execution risk. M&A News: Vertex Stock (VRTX) Slips After Announcing $10B Crinetics Acquisition

About Vertex Pharmaceuticals

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.