Bank of America Forecasts Strong Price Appreciation for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target hoisted by Bank of America from $555.00 to $567.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the pharmaceutical company’s stock.

VRTX has been the subject of several other research reports. BMO Capital Markets set a $545.00 price target on shares of Vertex Pharmaceuticals in a research report on Friday, January 31st. JPMorgan Chase & Co. reduced their price target on Vertex Pharmaceuticals from $503.00 to $500.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. Canaccord Genuity Group upgraded Vertex Pharmaceuticals from a “sell” rating to a “hold” rating and upped their price objective for the company from $408.00 to $424.00 in a report on Tuesday, February 11th. Wells Fargo & Company cut Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $460.00 target price on the stock. in a report on Thursday, January 30th. Finally, Scotiabank increased their price target on shares of Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Ten equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $509.17.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock opened at $483.49 on Monday. Vertex Pharmaceuticals has a 12 month low of $377.85 and a 12 month high of $519.88. The company has a market capitalization of $124.16 billion, a P/E ratio of -219.77, a P/E/G ratio of 2.11 and a beta of 0.41. The stock has a 50 day moving average of $479.96 and a two-hundred day moving average of $463.81. The company has a current ratio of 2.69, a quick ratio of 2.35 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. As a group, equities analysts expect that Vertex Pharmaceuticals will post 15.63 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 310 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $459.83, for a total value of $142,547.30. Following the completion of the transaction, the executive vice president now owns 64,021 shares of the company’s stock, valued at approximately $29,438,776.43. This represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Altshuler sold 3,231 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the transaction, the executive vice president now owns 26,512 shares of the company’s stock, valued at approximately $13,256,000. This represents a 10.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,315 shares of company stock worth $2,121,012. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Dunhill Financial LLC grew its position in shares of Vertex Pharmaceuticals by 70.6% in the 3rd quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock valued at $27,000 after buying an additional 24 shares during the last quarter. Brown Lisle Cummings Inc. bought a new position in Vertex Pharmaceuticals during the 4th quarter worth approximately $30,000. Mascagni Wealth Management Inc. acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter worth approximately $31,000. Legacy Investment Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter valued at $33,000. Finally, Sugar Maple Asset Management LLC acquired a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth $35,000. Institutional investors 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.