Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a buy rating to a strong-buy rating in a research report sent to investors on Tuesday.

VRTX has been the subject of several other reports. Piper Sandler lifted their price objective on Vertex Pharmaceuticals from $450.00 to $456.00 and gave the company an overweight rating in a report on Tuesday, May 7th. HC Wainwright restated a buy rating and set a $462.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 7th. Oppenheimer reaffirmed an outperform rating and issued a $500.00 target price on shares of Vertex Pharmaceuticals in a report on Monday, April 15th. Guggenheim lifted their target price on Vertex Pharmaceuticals from $445.00 to $450.00 and gave the company a buy rating in a research report on Thursday, April 18th. Finally, Canaccord Genuity Group reissued a sell rating and issued a $371.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, April 12th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $448.61.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX opened at $473.78 on Tuesday. The stock has a 50 day simple moving average of $446.31 and a 200 day simple moving average of $427.25. The stock has a market cap of $122.26 billion, a P/E ratio of 30.74, a PEG ratio of 2.41 and a beta of 0.39. Vertex Pharmaceuticals has a 1-year low of $335.82 and a 1-year high of $486.42. The company has a current ratio of 3.50, a quick ratio of 3.29 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share for the quarter, topping analysts’ consensus estimates of $3.66 by $1.10. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. The company had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the firm earned $2.67 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. Research analysts anticipate that Vertex Pharmaceuticals will post 15.22 earnings per share for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs sold 7,073 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total transaction of $3,168,704.00. Following the completion of the sale, the director now owns 40,000 shares of the company’s stock, valued at $17,920,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total transaction of $1,089,840.00. Following the transaction, the chief marketing officer now owns 32,379 shares of the company’s stock, valued at approximately $15,477,162. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce I. Sachs sold 7,073 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the completion of the transaction, the director now owns 40,000 shares in the company, valued at approximately $17,920,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,366 shares of company stock valued at $13,058,787. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

A number of institutional investors have recently modified their holdings of VRTX. M&R Capital Management Inc. increased its holdings in Vertex Pharmaceuticals by 19.0% during the 2nd quarter. M&R Capital Management Inc. now owns 625 shares of the pharmaceutical company’s stock worth $293,000 after purchasing an additional 100 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Vertex Pharmaceuticals by 15.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 994 shares of the pharmaceutical company’s stock valued at $466,000 after buying an additional 131 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Vertex Pharmaceuticals by 38.4% during the second quarter. GAMMA Investing LLC now owns 3,001 shares of the pharmaceutical company’s stock worth $1,407,000 after purchasing an additional 833 shares during the last quarter. Transcend Capital Advisors LLC bought a new stake in Vertex Pharmaceuticals in the 2nd quarter worth about $748,000. Finally, NBW Capital LLC lifted its holdings in Vertex Pharmaceuticals by 5.2% during the first quarter. NBW Capital LLC now owns 20,443 shares of the pharmaceutical company’s stock worth $8,545,000 after acquiring an additional 1,011 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

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.