Vertex Pharmaceuticals (NASDAQ:VRTX) Earns Buy Rating from Analysts at Citigroup

Equities research analysts at Citigroup initiated coverage on shares of Vertex Pharmaceuticals (NASDAQ:VRTX) in a research note issued on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $575.00 price target on the pharmaceutical company’s stock. Citigroup’s price target would indicate a potential upside of 23.47% from the company’s previous close.

Several other research analysts also recently commented on VRTX. TD Cowen raised their price target on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Piper Sandler raised their price target on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group raised their price target on shares of Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a “sell” rating in a report on Wednesday, November 6th. Truist Financial reaffirmed a “buy” rating and set a $550.00 price objective (up from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $499.12.

Vertex Pharmaceuticals Stock Down 3.8 %

Shares of NASDAQ VRTX opened at $465.70 on Thursday. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The company has a market cap of $119.93 billion, a P/E ratio of -235.63 and a beta of 0.39. Vertex Pharmaceuticals has a 52 week low of $341.90 and a 52 week high of $519.88. The business has a 50-day simple moving average of $476.44 and a two-hundred day simple moving average of $470.57.

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

Insider Activity at Vertex Pharmaceuticals

In related news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now owns 4,435 shares in the company, valued at $2,217,500. The trade was a 12.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were 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 $4,987,006. This represents a 27.46 % decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently bought and sold shares of VRTX. Northwest Investment Counselors LLC bought a new stake in Vertex Pharmaceuticals during the third quarter worth about $25,000. Highline Wealth Partners LLC bought a new stake in Vertex Pharmaceuticals during the third quarter worth about $27,000. Dunhill Financial LLC boosted its stake in Vertex Pharmaceuticals by 70.6% during the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 24 shares in the last quarter. GHP Investment Advisors Inc. bought a new stake in Vertex Pharmaceuticals during the second quarter worth about $29,000. Finally, Stephens Consulting LLC bought a new position in shares of Vertex Pharmaceuticals in the second quarter worth approximately $31,000. Institutional investors 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.