Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Rating Increased to Buy at Zacks Investment Research
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, July 4th. The firm presently has a $144.00 price objective on the pharmaceutical company’s stock. Zacks Investment Research‘s target price points to a potential downside of 6.82% from the stock’s current price.
According to Zacks, “Vertex has two CF drugs – Kalydeco & Orkambi – in its portfolio with blockbuster potential. Its efforts to get the drugs approved for additional indications are encouraging. Label expansion will increase the patient population and boost sales. Vertex’s CF pipeline is quite strong with a broad portfolio of next-generation CF correctors. Investor focus will now be on the triple combination CF regimens, which are crucial for long-term growth at Vertex. Multiple triple combo data readouts in CF patients are expected in 2H17. The stock has also done well this year. However, Vertex has faced many challenges with respect to commercialization of Orkambi in ex-U.S. markets due to re-imbursement hurdles and a slower-than-anticipated uptake in Germany. Estimates have also gone up slightly ahead of the company’s Q2 earnings release. The company has a positive record of earnings surprises in recent quarters.”
Several other research analysts also recently issued reports on the stock. JMP Securities upgraded shares of Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $103.73 to $115.00 in a report on Friday, March 17th. Vetr downgraded shares of Vertex Pharmaceuticals from a “sell” rating to a “strong sell” rating and set a $102.58 price objective on the stock. in a report on Thursday, April 20th. Jefferies Group LLC restated a “buy” rating and set a $126.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, May 2nd. Needham & Company LLC upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $155.00 target price on the stock in a research report on Friday, June 23rd. Finally, BidaskClub lowered shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 28th. Five equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Vertex Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $162.88.
Shares of Vertex Pharmaceuticals (NASDAQ VRTX) traded up 0.33% during trading on Tuesday, hitting $154.54. 806,312 shares of the stock traded hands. The company has a market cap of $38.96 billion, a PE ratio of 148.45 and a beta of 1.77. Vertex Pharmaceuticals has a one year low of $71.46 and a one year high of $167.85. The firm has a 50 day moving average price of $137.73 and a 200-day moving average price of $111.96.
Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Wednesday, July 26th. The pharmaceutical company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.33. Vertex Pharmaceuticals had a net margin of 12.05% and a return on equity of 4.64%. The company had revenue of $544.10 million for the quarter, compared to the consensus estimate of $489.95 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue was up 26.1% compared to the same quarter last year. Analysts anticipate that Vertex Pharmaceuticals will post $1.59 earnings per share for the current fiscal year.
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In other news, CMO Jeffrey Chodakewitz sold 3,438 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $127.80, for a total transaction of $439,376.40. Following the transaction, the chief marketing officer now directly owns 125,949 shares in the company, valued at $16,096,282.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stuart A. Arbuckle sold 70,969 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $128.06, for a total transaction of $9,088,290.14. Following the transaction, the executive vice president now owns 145,061 shares in the company, valued at $18,576,511.66. The disclosure for this sale can be found here. Insiders have sold 732,543 shares of company stock worth $110,222,259 over the last quarter. 1.80% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. Private Advisor Group LLC increased its stake in Vertex Pharmaceuticals by 1.8% in the first quarter. Private Advisor Group LLC now owns 5,328 shares of the pharmaceutical company’s stock worth $607,000 after buying an additional 94 shares during the period. Princeton Alpha Management LP acquired a new stake in Vertex Pharmaceuticals during the first quarter worth $383,000. Teachers Advisors LLC increased its stake in Vertex Pharmaceuticals by 48.6% in the first quarter. Teachers Advisors LLC now owns 510,373 shares of the pharmaceutical company’s stock worth $55,809,000 after buying an additional 166,998 shares during the period. Dynamic Capital Management Ltd increased its stake in Vertex Pharmaceuticals by 53.8% in the first quarter. Dynamic Capital Management Ltd now owns 39,614 shares of the pharmaceutical company’s stock worth $4,332,000 after buying an additional 13,853 shares during the period. Finally, Swiss National Bank increased its stake in Vertex Pharmaceuticals by 27.4% in the first quarter. Swiss National Bank now owns 878,809 shares of the pharmaceutical company’s stock worth $96,098,000 after buying an additional 189,000 shares during the period. 94.37% of the stock is owned by institutional investors and hedge funds.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.
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