Morgan Stanley Raises Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $474.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target lifted by Morgan Stanley from $462.00 to $474.00 in a research note released on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the pharmaceutical company’s stock.

Several other research firms have also recently issued reports on VRTX. JPMorgan Chase & Co. upped their price target on Vertex Pharmaceuticals from $505.00 to $510.00 and gave the company an overweight rating in a report on Monday, August 5th. Redburn Atlantic assumed coverage on Vertex Pharmaceuticals in a report on Thursday, June 27th. They set a buy rating and a $545.00 target price for the company. Oppenheimer lifted their price target on Vertex Pharmaceuticals from $500.00 to $550.00 and gave the stock an outperform rating in a research note on Monday, August 5th. Needham & Company LLC reaffirmed a hold rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Finally, Guggenheim raised their target price on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a buy rating in a report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of Hold and an average price target of $486.95.

Vertex Pharmaceuticals Trading Up 0.4 %

Shares of VRTX stock opened at $455.31 on Tuesday. The stock has a 50-day simple moving average of $476.75 and a 200 day simple moving average of $455.32. The stock has a market capitalization of $117.52 billion, a P/E ratio of 29.55 and a beta of 0.40. Vertex Pharmaceuticals has a fifty-two week low of $341.90 and a fifty-two week high of $510.64. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the business posted $3.53 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts expect that Vertex Pharmaceuticals will post -2.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction on Friday, August 30th. The shares were 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 owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total transaction of $1,086,990.00. Following the transaction, the chief marketing officer now owns 23,259 shares in the company, valued at $11,088,728.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 31,767 shares of company stock valued at $15,768,284 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Focus Financial Network Inc. ADV acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth about $245,000. CWA Asset Management Group LLC boosted its position in shares of Vertex Pharmaceuticals by 20.8% in the fourth quarter. CWA Asset Management Group LLC now owns 1,787 shares of the pharmaceutical company’s stock valued at $727,000 after acquiring an additional 308 shares during the period. Peapack Gladstone Financial Corp grew its stake in shares of Vertex Pharmaceuticals by 10.8% in the fourth quarter. Peapack Gladstone Financial Corp now owns 1,333 shares of the pharmaceutical company’s stock worth $542,000 after acquiring an additional 130 shares during the last quarter. Belpointe Asset Management LLC increased its position in Vertex Pharmaceuticals by 7.4% during the fourth quarter. Belpointe Asset Management LLC now owns 729 shares of the pharmaceutical company’s stock worth $297,000 after acquiring an additional 50 shares during the period. Finally, Lake Street Advisors Group LLC bought a new stake in Vertex Pharmaceuticals in the 4th quarter valued at $564,000. 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.