Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded at Maxim Group
by Amy Steele · The Cerbat GemMaxim Group upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX – Free Report) from a hold rating to a buy rating in a research note released on Wednesday, Marketbeat reports. The firm currently has $575.00 price target on the pharmaceutical company’s stock.
VRTX has been the subject of several other research reports. Weiss Ratings raised shares of Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Morgan Stanley upped their target price on Vertex Pharmaceuticals from $570.00 to $596.00 and gave the company an “overweight” rating in a research note on Tuesday, March 10th. Jefferies Financial Group started coverage on Vertex Pharmaceuticals in a report on Tuesday, March 10th. They issued a “buy” rating and a $580.00 price target on the stock. Bank of America raised their price target on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Finally, Truist Financial boosted their price objective on Vertex Pharmaceuticals from $490.00 to $525.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Twenty-four equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $554.30.
Check Out Our Latest Stock Report on VRTX
Vertex Pharmaceuticals Stock Down 0.9%
NASDAQ VRTX opened at $454.04 on Wednesday. Vertex Pharmaceuticals has a 52 week low of $362.50 and a 52 week high of $513.97. The firm has a market capitalization of $115.34 billion, a price-to-earnings ratio of 29.62, a PEG ratio of 1.95 and a beta of 0.31. The company has a fifty day moving average of $469.17 and a two-hundred day moving average of $440.14.
Vertex Pharmaceuticals (NASDAQ:VRTX – Get Free Report) last announced its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing the consensus estimate of $5.05 by ($0.02). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same period in the prior year, the company posted $3.98 EPS. The company’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts anticipate that Vertex Pharmaceuticals will post 15.63 EPS for the current year.
Insider Transactions at Vertex Pharmaceuticals
In related news, EVP Ourania Tatsis sold 260 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $126,451.00. Following the transaction, the executive vice president owned 46,763 shares of the company’s stock, valued at $22,743,185.05. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Duncan Mckechnie sold 4,910 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $487.65, for a total value of $2,394,361.50. Following the transaction, the executive vice president owned 17,559 shares in the company, valued at $8,562,646.35. The trade was a 21.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 93,485 shares of company stock valued at $43,967,586 in the last ninety days. Corporate insiders own 0.20% of the company’s stock.
Hedge Funds Weigh In On Vertex Pharmaceuticals
Hedge funds and other institutional investors have recently made changes to their positions in the company. Chesapeake Asset Management LLC lifted its stake in Vertex Pharmaceuticals by 110.0% in the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after acquiring an additional 33 shares during the period. Motiv8 Investments LLC purchased a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $26,000. Colonial Trust Co SC raised its holdings in shares of Vertex Pharmaceuticals by 118.8% in the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Swiss RE Ltd. bought a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $28,000. Finally, Eagle Bay Advisors LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 4th quarter worth approximately $29,000. Institutional investors own 90.96% of the company’s stock.
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.