Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Raised to $500.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective hoisted by stock analysts at TD Cowen from $450.00 to $500.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the pharmaceutical company’s stock. TD Cowen’s target price indicates a potential upside of 1.34% from the company’s current price.

Several other research firms have also issued reports on VRTX. Argus lifted their price target on shares of Vertex Pharmaceuticals from $465.00 to $550.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Piper Sandler boosted their price objective on shares of Vertex Pharmaceuticals from $450.00 to $456.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Royal Bank of Canada dropped their price objective on shares of Vertex Pharmaceuticals from $424.00 to $421.00 and set a “sector perform” rating on the stock in a report on Tuesday, June 11th. Evercore ISI raised shares of Vertex Pharmaceuticals from an “in-line” rating to an “outperform” rating and set a $438.00 price objective on the stock in a report on Thursday, April 11th. Finally, StockNews.com raised shares of Vertex Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $460.30.

Vertex Pharmaceuticals Stock Down 0.5 %

NASDAQ VRTX traded down $2.50 on Tuesday, hitting $493.41. The stock had a trading volume of 479,907 shares, compared to its average volume of 1,211,553. The business’s fifty day moving average price is $469.84 and its 200 day moving average price is $435.47. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.50 and a quick ratio of 3.29. Vertex Pharmaceuticals has a 52-week low of $340.20 and a 52-week high of $498.77. The stock has a market cap of $127.32 billion, a price-to-earnings ratio of 31.93, a price-to-earnings-growth ratio of 2.54 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.66 by $1.10. Vertex Pharmaceuticals had a net margin of 39.46% and a return on equity of 23.08%. The business had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.58 billion. During the same period in the previous year, the company earned $2.67 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities research analysts anticipate that Vertex Pharmaceuticals will post 15.16 earnings per share for the current year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, CEO Reshma Kewalramani sold 1,565 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $457.00, for a total value of $715,205.00. Following the completion of the transaction, the chief executive officer now owns 121,374 shares in the company, valued at $55,467,918. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CEO Reshma Kewalramani sold 1,565 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $457.00, for a total transaction of $715,205.00. Following the completion of the transaction, the chief executive officer now owns 121,374 shares in the company, valued at approximately $55,467,918. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Edward Morrow Atkinson III sold 7,288 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $478.00, for a total transaction of $3,483,664.00. Following the transaction, the executive vice president now owns 15,972 shares of the company’s stock, valued at approximately $7,634,616. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,646 shares of company stock worth $14,169,923. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. University of Texas Texas AM Investment Managment Co. purchased a new stake in Vertex Pharmaceuticals during the 4th quarter valued at about $25,000. Annapolis Financial Services LLC purchased a new stake in Vertex Pharmaceuticals during the 1st quarter valued at about $27,000. Arlington Trust Co LLC grew its stake in Vertex Pharmaceuticals by 97.1% during the 4th quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 33 shares in the last quarter. ICA Group Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals during the 4th quarter valued at about $28,000. Finally, Founders Capital Management grew its stake in Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after acquiring an additional 25 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

About Vertex Pharmaceuticals

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.