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

StockNews.com upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a buy rating to a strong-buy rating in a report published on Wednesday morning.

Several other brokerages have also issued reports on VRTX. Raymond James reaffirmed a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. HC Wainwright reaffirmed a “buy” rating and issued a $600.00 target price on shares of Vertex Pharmaceuticals in a report on Monday, October 21st. Bank of America dropped their target price on Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a report on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Finally, Oppenheimer reduced their price target on Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, nine have given 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, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $495.96.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $494.61 on Wednesday. The firm has a fifty day moving average of $475.81 and a 200-day moving average of $470.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.20 and a current ratio of 2.47. The company has a market cap of $127.38 billion, a price-to-earnings ratio of -248.55 and a beta of 0.39. Vertex Pharmaceuticals has a 1 year low of $341.90 and a 1 year high of $519.88.

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

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction dated 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 sale, the chairman now owns 9,994 shares in the company, valued at $4,987,006. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction dated 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 owns 4,435 shares of the company’s stock, valued at $2,217,500. This represents 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

Several institutional investors have recently bought and sold shares of the stock. Northwest Investment Counselors LLC acquired a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter worth approximately $25,000. Highline Wealth Partners LLC acquired a new position in shares of Vertex Pharmaceuticals during the third quarter valued at $27,000. GHP Investment Advisors Inc. acquired a new stake in Vertex Pharmaceuticals during the 2nd quarter worth $29,000. Stephens Consulting LLC bought a new stake in Vertex Pharmaceuticals in the second quarter valued at approximately $31,000. Finally, Founders Capital Management grew its position in shares of Vertex Pharmaceuticals by 50.0% in the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after purchasing an additional 25 shares during the period. 90.96% of the stock is currently owned by institutional investors.

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.