Vertex Pharmaceuticals (NASDAQ:VRTX) Given New $520.00 Price Target at Truist Financial

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target raised by Truist Financial from $460.00 to $520.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the pharmaceutical company’s stock.

A number of other research analysts also recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $550.00 price target on shares of Vertex Pharmaceuticals in a report on Tuesday. 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 research note on Thursday, January 30th. Oppenheimer cut shares of Vertex Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday. Finally, Citigroup initiated coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, November 14th. They set a “buy” rating and a $575.00 target price on the stock. Ten analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $505.29.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $455.22 on Tuesday. The company has a market capitalization of $117.23 billion, a P/E ratio of -228.75, a PEG ratio of 1.80 and a beta of 0.41. Vertex Pharmaceuticals has a fifty-two week low of $377.85 and a fifty-two week high of $519.88. 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 stock has a 50 day moving average price of $435.95 and a two-hundred day moving average price of $462.13.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results 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 net margin of 4.52% and a negative return on equity of 1.91%. Analysts expect that Vertex Pharmaceuticals will post -1.94 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Parnassus Investments LLC purchased a new position in Vertex Pharmaceuticals in the 4th quarter worth approximately $731,283,000. Edgewood Management LLC raised its stake in shares of Vertex Pharmaceuticals by 7,876.3% in the third quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock worth $719,186,000 after purchasing an additional 1,526,983 shares during the last quarter. WCM Investment Management LLC bought a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at $435,899,000. Jennison Associates LLC increased its holdings in Vertex Pharmaceuticals by 18.1% in the 3rd quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock worth $2,581,373,000 after buying an additional 851,054 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Vertex Pharmaceuticals by 17.2% in the 3rd quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock worth $2,231,858,000 after buying an additional 704,421 shares during the last quarter. 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.