Vertex Pharmaceuticals (NASDAQ:VRTX) Raised to Strong-Buy at StockNews.com

Vertex Pharmaceuticals (NASDAQ:VRTX) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Wednesday.

Several other research analysts have also issued reports on VRTX. Truist Financial reiterated a “buy” rating and set a $550.00 price objective (up from $508.00) on shares of Vertex Pharmaceuticals in a research note on Monday, August 5th. Piper Sandler upped their target price on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. HC Wainwright reissued a “buy” rating and issued a $600.00 price target on shares of Vertex Pharmaceuticals in a research note on Monday, October 21st. TD Cowen lifted their price objective on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley lifted their target price on Vertex Pharmaceuticals from $473.00 to $476.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $499.12.

Vertex Pharmaceuticals Price Performance

NASDAQ:VRTX opened at $483.96 on Wednesday. The company has a fifty day moving average price of $476.13 and a 200 day moving average price of $470.48. Vertex Pharmaceuticals has a one year low of $341.90 and a one year high of $519.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.20. The stock has a market cap of $124.63 billion, a P/E ratio of -248.55 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.67 earnings per share. Analysts anticipate that Vertex Pharmaceuticals will post -1.82 earnings per share for the current year.

Insider Transactions at Vertex Pharmaceuticals

In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the transaction, the chairman now owns 9,994 shares in the company, valued at approximately $4,987,006. This trade represents a 27.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the transaction, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRTX. Northwest Investment Counselors LLC bought a new position in shares of Vertex Pharmaceuticals in the 3rd quarter valued at $25,000. Highline Wealth Partners LLC bought a new position in shares of Vertex Pharmaceuticals during the third quarter worth about $27,000. GHP Investment Advisors Inc. acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $29,000. Stephens Consulting LLC acquired a new position in Vertex Pharmaceuticals in the second quarter valued at $31,000. Finally, Founders Capital Management lifted its stake in shares of Vertex Pharmaceuticals by 50.0% in the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after purchasing an additional 25 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.