Vertex Pharmaceuticals (NASDAQ:VRTX) Raised to “Outperform” at Royal Bank Of Canada

Vertex Pharmaceuticals (NASDAQ:VRTX) was upgraded by analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Thursday, MarketBeat.com reports. The firm currently has a $546.00 price objective on the pharmaceutical company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 18.40% from the stock’s previous close.

Several other brokerages have also weighed in on VRTX. Morgan Stanley set a $564.00 target price on Vertex Pharmaceuticals in a research report on Friday, December 5th. Citigroup boosted their price target on Vertex Pharmaceuticals from $550.00 to $575.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Wolfe Research raised shares of Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 price objective on the stock in a research report on Tuesday, January 6th. Barclays lifted their target price on shares of Vertex Pharmaceuticals from $408.00 to $414.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Finally, Scotiabank assumed coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, November 13th. They set a “sector outperform” rating and a $495.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Vertex Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $510.35.

Vertex Pharmaceuticals Stock Up 4.3%

VRTX stock opened at $461.14 on Thursday. The company has a 50 day moving average of $447.79 and a two-hundred day moving average of $427.14. The company has a market cap of $117.00 billion, a price-to-earnings ratio of 32.52 and a beta of 0.31. Vertex Pharmaceuticals has a 12-month low of $362.50 and a 12-month high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.22. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The business had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same period in the prior year, the business posted $4.38 earnings per share. Vertex Pharmaceuticals’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, research analysts anticipate that Vertex Pharmaceuticals will post 15.63 EPS for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Chairman Jeffrey M. Leiden sold 63,781 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total value of $28,650,425.20. Following the transaction, the chairman owned 24,026 shares of the company’s stock, valued at $10,792,479.20. This trade represents a 72.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the sale, the executive vice president directly owned 37,725 shares of the company’s stock, valued at approximately $17,202,600. This represents a 27.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 165,105 shares of company stock worth $73,858,523 over the last 90 days. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Access Investment Management LLC acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $27,000. Chesapeake Asset Management LLC grew its holdings in Vertex Pharmaceuticals by 110.0% in the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock valued at $25,000 after buying an additional 33 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in Vertex Pharmaceuticals in the 2nd quarter worth approximately $29,000. Colonial Trust Co SC lifted its holdings in shares of Vertex Pharmaceuticals by 118.8% during the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock worth $27,000 after buying an additional 38 shares during the last quarter. Finally, Total Investment Management Inc. bought a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $33,000. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Company Profile

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.