Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Raised to $408.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective raised by analysts at Royal Bank of Canada from $407.00 to $408.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the pharmaceutical company’s stock. Royal Bank of Canada’s target price points to a potential downside of 14.11% from the stock’s previous close.

Several other research firms have also weighed in on VRTX. Jefferies Financial Group raised Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and upped their target price for the company from $500.00 to $550.00 in a report on Monday, December 9th. Scotiabank raised their target price on shares of Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. Canaccord Genuity Group raised shares of Vertex Pharmaceuticals from a “sell” rating to a “hold” rating and raised their price objective for the stock from $408.00 to $424.00 in a research note on Tuesday, February 11th. BMO Capital Markets reduced their target price on Vertex Pharmaceuticals from $566.00 to $520.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. Finally, HC Wainwright reissued a “buy” rating and set a $550.00 price target on shares of Vertex Pharmaceuticals in a research report on Tuesday, February 11th. Eleven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $505.61.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX traded up $3.27 during trading hours on Thursday, reaching $475.03. 430,111 shares of the company’s stock were exchanged, compared to its average volume of 1,506,162. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals has a 1-year low of $377.85 and a 1-year high of $519.88. The company has a 50-day moving average of $435.32 and a 200 day moving average of $460.52. The firm has a market capitalization of $121.98 billion, a price-to-earnings ratio of -216.22, a P/E/G ratio of 2.03 and a beta of 0.41.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative net margin of 4.86% and a negative return on equity of 2.02%. Research analysts anticipate that Vertex Pharmaceuticals will post 15.58 EPS for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 244 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $455.06, for a total value of $111,034.64. Following the sale, the executive vice president now directly owns 67,695 shares in the company, valued at approximately $30,805,286.70. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of VRTX. Mutual Advisors LLC grew its holdings in Vertex Pharmaceuticals by 0.6% during the third quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock worth $1,751,000 after acquiring an additional 21 shares during the period. Truvestments Capital LLC raised its holdings in Vertex Pharmaceuticals by 30.3% during the 4th quarter. Truvestments Capital LLC now owns 99 shares of the pharmaceutical company’s stock worth $40,000 after buying an additional 23 shares during the period. Outlook Wealth Advisors LLC boosted its holdings in shares of Vertex Pharmaceuticals by 2.8% in the third quarter. Outlook Wealth Advisors LLC now owns 892 shares of the pharmaceutical company’s stock worth $415,000 after buying an additional 24 shares during the period. Dunhill Financial LLC increased its position in shares of Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 24 shares in the last quarter. Finally, Simon Quick Advisors LLC raised its holdings in shares of Vertex Pharmaceuticals by 1.1% during the fourth quarter. Simon Quick Advisors LLC now owns 2,236 shares of the pharmaceutical company’s stock valued at $900,000 after acquiring an additional 24 shares during the period. 90.96% of the stock is currently owned by institutional investors.

About Vertex Pharmaceuticals

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.