Vertex Pharmaceuticals (NASDAQ:VRTX) Lowered to “Buy” at StockNews.com

StockNews.com downgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a strong-buy rating to a buy rating in a research report released on Friday.

Several other research analysts have also recently weighed in on VRTX. Morgan Stanley boosted their target price 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 initiated coverage on Vertex Pharmaceuticals in a report on Thursday, June 27th. They set a buy rating and a $545.00 target price on the stock. Canaccord Genuity Group restated a sell rating and set a $371.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, April 12th. BMO Capital Markets boosted their target price on Vertex Pharmaceuticals from $480.00 to $500.00 and gave the stock an outperform rating in a report on Friday, May 31st. Finally, Royal Bank of Canada lowered their target price on Vertex Pharmaceuticals from $424.00 to $421.00 and set a sector perform rating on the stock in a report on Tuesday, June 11th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of Moderate Buy and a consensus target price of $460.30.

Vertex Pharmaceuticals Trading Up 0.6 %

VRTX stock opened at $495.26 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.29 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals has a 12-month low of $340.20 and a 12-month high of $503.99. The stock has a market cap of $127.80 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 2.60 and a beta of 0.39. The business’s 50-day moving average is $474.18 and its 200 day moving average is $437.29.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data 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. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. The company had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the firm posted $2.67 EPS. Vertex Pharmaceuticals’s revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Vertex Pharmaceuticals will post 14.83 EPS for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CEO Reshma Kewalramani sold 1,565 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $457.00, for a total value of $715,205.00. Following the sale, the chief executive officer now directly owns 121,374 shares in the company, valued at $55,467,918. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 2,350 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $439.11, for a total transaction of $1,031,908.50. Following the transaction, the executive vice president now owns 53,523 shares of the company’s stock, valued at $23,502,484.53. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Reshma Kewalramani sold 1,565 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $457.00, for a total value of $715,205.00. Following the transaction, the chief executive officer now directly owns 121,374 shares in the company, valued at approximately $55,467,918. 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 over the last ninety days. 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. HB Wealth Management LLC grew its holdings in shares of Vertex Pharmaceuticals by 47.6% during the second quarter. HB Wealth Management LLC now owns 8,015 shares of the pharmaceutical company’s stock worth $3,757,000 after purchasing an additional 2,585 shares during the last quarter. Tower View Wealth Management LLC grew its holdings in shares of Vertex Pharmaceuticals by 0.7% during the second quarter. Tower View Wealth Management LLC now owns 4,807 shares of the pharmaceutical company’s stock worth $2,253,000 after buying an additional 33 shares during the last quarter. Significant Wealth Partners LLC purchased a new position in shares of Vertex Pharmaceuticals during the second quarter worth about $221,000. Strategic Blueprint LLC grew its holdings in shares of Vertex Pharmaceuticals by 12.5% during the second quarter. Strategic Blueprint LLC now owns 1,080 shares of the pharmaceutical company’s stock worth $506,000 after buying an additional 120 shares during the last quarter. Finally, Breakwater Capital Group grew its holdings in shares of Vertex Pharmaceuticals by 8.2% during the second quarter. Breakwater Capital Group now owns 1,724 shares of the pharmaceutical company’s stock worth $808,000 after buying an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

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.