Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Stock Has Average Target Price of $570.83

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) have received an average recommendation of “Moderate Buy” from the twenty-three ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $573.83.

VRTX has been the subject of several research reports. Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, September 10th. Truist Financial lifted their target price on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. UBS Group increased their price target on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group set a $653.00 price objective on Vertex Pharmaceuticals in a research report on Tuesday, September 1st.

Insider Buying and Selling

In related news, EVP Duncan McKechnie sold 1,541 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares of the company’s stock, valued at $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total value of $787,485.00. Following the transaction, the executive vice president directly owned 45,321 shares of the company’s stock, valued at $23,793,071.79. This represents a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.20% of the company’s stock.

Institutional Trading of Vertex Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new stake in Vertex Pharmaceuticals during the second quarter worth about $26,000. Community Financial Services Group LLC purchased a new position in shares of Vertex Pharmaceuticals during the second quarter valued at approximately $26,000. Elevation Wealth Partners LLC lifted its holdings in shares of Vertex Pharmaceuticals by 103.7% during the second quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 28 shares during the last quarter. Pingora Partners LLC bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $32,000. Finally, City Holding Co. grew its stake in shares of Vertex Pharmaceuticals by 128.1% in the 2nd quarter. City Holding Co. now owns 73 shares of the pharmaceutical company’s stock worth $36,000 after buying an additional 41 shares during the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

VRTX opened at $522.38 on Friday. The stock has a market capitalization of $132.58 billion, a PE ratio of 30.41, a price-to-earnings-growth ratio of 2.26 and a beta of 0.32. The stock’s 50 day moving average price is $514.71 and its 200-day moving average price is $475.45. Vertex Pharmaceuticals has a 52-week low of $377.02 and a 52-week high of $560.25.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The business’s revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.52 EPS. Research analysts forecast that Vertex Pharmaceuticals will post 16.69 EPS for the current fiscal year.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company combines research in human genetics with drug discovery and development.

Vertex is best known for its cystic fibrosis portfolio, which includes CFTR modulator therapies such as Kalydeco, Orkambi, Symdeko and the combination marketed as Trikafta in the United States and Kaftrio in other markets.