Vertex Pharmaceuticals (NASDAQ:VRTX) PT Raised to $500.00 at TD Cowen

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective upped by TD Cowen from $450.00 to $500.00 in a report issued on Tuesday, Benzinga reports. They currently have a buy rating on the pharmaceutical company’s stock.

Several other brokerages have also recently weighed in on VRTX. Canaccord Genuity Group reissued a sell rating and set a $371.00 price target on shares of Vertex Pharmaceuticals in a research report on Friday, April 12th. Needham & Company LLC restated a hold rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 7th. Morgan Stanley increased their price objective on Vertex Pharmaceuticals from $402.00 to $455.00 and gave the stock an equal weight rating in a report on Thursday, July 11th. Redburn Atlantic started coverage on Vertex Pharmaceuticals in a research note on Thursday, June 27th. They set a buy rating and a $545.00 target price on the stock. Finally, Guggenheim upped their target price on Vertex Pharmaceuticals from $445.00 to $450.00 and gave the company a buy rating in a report on Thursday, April 18th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Vertex Pharmaceuticals has an average rating of Moderate Buy and an average target price of $460.30.

Vertex Pharmaceuticals Stock Up 0.3 %

Shares of NASDAQ:VRTX opened at $492.26 on Tuesday. Vertex Pharmaceuticals has a 12-month low of $340.20 and a 12-month high of $503.99. The company has a current ratio of 3.50, a quick ratio of 3.29 and a debt-to-equity ratio of 0.02. The stock’s 50-day moving average price is $473.18 and its 200-day moving average price is $436.76. The stock has a market capitalization of $127.03 billion, a P/E ratio of 31.94, a price-to-earnings-growth ratio of 2.52 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.66 by $1.10. The business had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. Vertex Pharmaceuticals’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the company earned $2.67 EPS. On average, equities analysts anticipate that Vertex Pharmaceuticals will post 15.19 earnings per share for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 7,073 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $448.00, for a total value of $3,168,704.00. Following the completion of the transaction, the director now directly owns 40,000 shares of the company’s stock, valued at $17,920,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $488.46, for a total value of $1,113,688.80. Following the completion of the transaction, the chief marketing officer now owns 25,539 shares of the company’s stock, valued at approximately $12,474,779.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bruce I. Sachs sold 7,073 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $448.00, for a total transaction of $3,168,704.00. Following the sale, the director now directly owns 40,000 shares in the company, valued at approximately $17,920,000. The disclosure for this sale can be found here. Insiders have sold a total of 48,128 shares of company stock worth $22,839,005 in the last quarter. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Catalyst Financial Partners LLC boosted its stake in shares of Vertex Pharmaceuticals by 6.6% in the 2nd quarter. Catalyst Financial Partners LLC now owns 1,085 shares of the pharmaceutical company’s stock worth $509,000 after buying an additional 67 shares during the last quarter. EFG Asset Management North America Corp. boosted its position in Vertex Pharmaceuticals by 15.6% in the second quarter. EFG Asset Management North America Corp. now owns 8,439 shares of the pharmaceutical company’s stock worth $3,954,000 after purchasing an additional 1,138 shares during the last quarter. Wedgewood Investors Inc. PA purchased a new position in Vertex Pharmaceuticals in the second quarter worth about $469,000. Sigma Investment Counselors Inc. increased its position in shares of Vertex Pharmaceuticals by 6.3% during the 2nd quarter. Sigma Investment Counselors Inc. now owns 8,677 shares of the pharmaceutical company’s stock valued at $4,067,000 after purchasing an additional 515 shares during the last quarter. Finally, Independence Bank of Kentucky lifted its stake in shares of Vertex Pharmaceuticals by 12.8% in the 2nd quarter. Independence Bank of Kentucky now owns 1,653 shares of the pharmaceutical company’s stock worth $775,000 after purchasing an additional 188 shares during the period. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.