Analysts Set Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Price Target at $559.61

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) has received an average rating of “Moderate Buy” from the twenty-five analysts that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and twenty-two have issued a buy rating on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $559.6087.

Several research firms recently weighed in on VRTX. Wall Street Zen downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. Weiss Ratings upgraded Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Sanford C. Bernstein dropped their target price on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. Barclays upped their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group dropped their price objective on shares of Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating on the stock in a research note on Tuesday, May 5th.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $477.10 on Thursday. The stock has a market capitalization of $121.09 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 2.15 and a beta of 0.29. The stock’s fifty day moving average is $470.62 and its two-hundred day moving average is $460.33. Vertex Pharmaceuticals has a 1 year low of $362.50 and a 1 year high of $533.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. Vertex Pharmaceuticals’s revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the business posted $4.06 EPS. As a group, analysts predict that Vertex Pharmaceuticals will post 17.01 EPS for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the completion of the sale, the executive vice president owned 11,001 shares of the company’s stock, valued at $5,709,519. The trade was a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the completion of the sale, the executive vice president owned 45,321 shares of the company’s stock, valued at approximately $23,793,071.79. This trade represents a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 17,770 shares of company stock worth $8,238,744 in the last ninety days. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bangor Savings Bank increased its stake in shares of Vertex Pharmaceuticals by 0.4% in the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock worth $2,220,000 after purchasing an additional 20 shares during the period. Earned Wealth Advisors LLC lifted its position in shares of Vertex Pharmaceuticals by 3.3% during the 4th quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company’s stock worth $295,000 after purchasing an additional 21 shares during the last quarter. Confluence Wealth Services Inc. boosted its stake in Vertex Pharmaceuticals by 4.0% during the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company’s stock valued at $247,000 after purchasing an additional 21 shares during the period. Trust Point Inc. boosted its stake in Vertex Pharmaceuticals by 2.7% during the 2nd quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock valued at $394,000 after purchasing an additional 21 shares during the period. Finally, Williams Jones Wealth Management LLC. grew its holdings in Vertex Pharmaceuticals by 1.9% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock valued at $524,000 after buying an additional 21 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.