Morgan Stanley Forecasts Strong Price Appreciation for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective boosted by Morgan Stanley from $473.00 to $476.00 in a research note released on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the pharmaceutical company’s stock.

VRTX has been the topic of several other reports. Guggenheim lifted their price target on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the company a “buy” rating in a report on Friday, August 2nd. StockNews.com cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Scotiabank initiated coverage on Vertex Pharmaceuticals in a research note on Wednesday, October 16th. They issued a “sector perform” rating and a $480.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday, October 8th. Finally, Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a research report on Thursday, October 10th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $495.96.

Vertex Pharmaceuticals Stock Up 1.8 %

Shares of VRTX opened at $502.45 on Tuesday. The firm has a 50 day simple moving average of $474.81 and a two-hundred day simple moving average of $466.95. The company has a market cap of $129.68 billion, a P/E ratio of -252.49 and a beta of 0.39. Vertex Pharmaceuticals has a one year low of $341.90 and a one year high of $510.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.88% and a negative net margin of 4.52%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the prior year, the company earned $3.67 EPS. Vertex Pharmaceuticals’s revenue for the quarter was up 11.6% on a year-over-year basis. Research analysts forecast that Vertex Pharmaceuticals will post -2.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $1,888,216.00. Following the completion of the transaction, the chairman now owns 9,994 shares in the company, valued at approximately $4,987,006. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the stock. Norden Group LLC boosted its position in shares of Vertex Pharmaceuticals by 61.3% during the first quarter. Norden Group LLC now owns 992 shares of the pharmaceutical company’s stock valued at $415,000 after buying an additional 377 shares during the last quarter. Choreo LLC bought a new stake in shares of Vertex Pharmaceuticals in the 1st quarter worth $205,000. Quent Capital LLC raised its holdings in shares of Vertex Pharmaceuticals by 33.0% in the first quarter. Quent Capital LLC now owns 399 shares of the pharmaceutical company’s stock valued at $167,000 after purchasing an additional 99 shares during the last quarter. Whittier Trust Co. lifted its position in shares of Vertex Pharmaceuticals by 5.2% during the first quarter. Whittier Trust Co. now owns 1,325 shares of the pharmaceutical company’s stock valued at $554,000 after purchasing an additional 65 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Vertex Pharmaceuticals by 714.3% in the 1st quarter. Larson Financial Group LLC now owns 228 shares of the pharmaceutical company’s stock worth $95,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

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.