Vertex Pharmaceuticals (NASDAQ:VRTX) Now Covered by Citigroup

Citigroup started coverage on shares of Vertex Pharmaceuticals (NASDAQ:VRTX) in a research report sent to investors on Thursday, Marketbeat reports. The firm issued a buy rating and a $575.00 price target on the pharmaceutical company’s stock.

Several other equities research analysts have also commented on VRTX. Truist Financial restated a “buy” rating and issued a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Scotiabank boosted their target price on shares of Vertex Pharmaceuticals from $480.00 to $486.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 5th. Piper Sandler increased their target price on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Canaccord Genuity Group increased their target price on shares of Vertex Pharmaceuticals from $361.00 to $408.00 and gave the stock a “sell” rating in a research note on Wednesday, November 6th. Finally, Oppenheimer reduced their target price on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $499.12.

Vertex Pharmaceuticals Trading Down 4.7 %

Shares of VRTX stock traded down $22.86 during mid-day trading on Thursday, reaching $461.10. The stock had a trading volume of 888,563 shares, compared to its average volume of 1,171,861. The stock’s 50-day moving average price is $476.44 and its two-hundred day moving average price is $470.57. Vertex Pharmaceuticals has a 52-week low of $341.90 and a 52-week high of $519.88. The firm has a market capitalization of $118.75 billion, a PE ratio of -235.63 and a beta of 0.39. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same period in the previous year, the company earned $3.67 earnings per share. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. Equities analysts expect that Vertex Pharmaceuticals will post -1.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $499.00, for a total value of $1,888,216.00. Following the transaction, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. This trade represents a 27.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the sale, the director now directly owns 4,435 shares in the company, valued at $2,217,500. The trade was a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently made changes to their positions in the company. Creative Planning raised its stake in Vertex Pharmaceuticals by 5.3% during the 2nd quarter. Creative Planning now owns 79,117 shares of the pharmaceutical company’s stock worth $37,084,000 after acquiring an additional 3,998 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Vertex Pharmaceuticals by 640.0% in the second quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company’s stock valued at $676,000 after purchasing an additional 1,248 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of Vertex Pharmaceuticals in the 2nd quarter worth about $74,213,000. Susquehanna Fundamental Investments LLC acquired a new position in Vertex Pharmaceuticals during the 2nd quarter valued at about $21,008,000. Finally, Keynote Financial Services LLC acquired a new position in shares of Vertex Pharmaceuticals in the third quarter worth about $498,000. 90.96% of the stock is owned by institutional investors and hedge funds.

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.