Cantor Fitzgerald Reiterates Overweight Rating for Vertex Pharmaceuticals (NASDAQ:VRTX)

Vertex Pharmaceuticals (NASDAQ:VRTX)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a research report issued on Friday, Benzinga reports. They currently have a $480.00 price target on the pharmaceutical company’s stock. Cantor Fitzgerald’s price target suggests a potential downside of 4.62% from the company’s current price. Cantor Fitzgerald also issued estimates for Vertex Pharmaceuticals’ FY2024 earnings at $1.06 EPS.

Several other equities research analysts have also recently weighed in on VRTX. Canaccord Genuity Group upped their target price on Vertex Pharmaceuticals from $371.00 to $376.00 and gave the stock a “sell” rating in a report on Wednesday. UBS Group decreased their price objective on Vertex Pharmaceuticals from $498.00 to $466.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. Argus upped their target price on Vertex Pharmaceuticals from $465.00 to $550.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Guggenheim upped their target price on Vertex Pharmaceuticals from $445.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, BMO Capital Markets upped their target price on Vertex Pharmaceuticals from $480.00 to $500.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $463.96.

Vertex Pharmaceuticals Price Performance

NASDAQ:VRTX traded down $2.55 during trading hours on Friday, reaching $503.23. The stock had a trading volume of 249,192 shares, compared to its average volume of 1,202,326. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.29 and a current ratio of 3.50. Vertex Pharmaceuticals has a 52 week low of $340.20 and a 52 week high of $510.64. The company has a 50 day moving average price of $478.50 and a two-hundred day moving average price of $439.33. The stock has a market capitalization of $129.86 billion, a PE ratio of 32.66 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.66 by $1.10. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. The business had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the previous year, the company posted $2.67 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals will post -1.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs sold 7,073 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total transaction of $3,168,704.00. Following the completion of the sale, 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 SEC, which is available through the SEC website. In other news, EVP Ourania Tatsis sold 2,350 shares of Vertex Pharmaceuticals stock in a transaction on 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 completion of the transaction, the executive vice president now owns 53,523 shares of the company’s stock, valued at approximately $23,502,484.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce I. Sachs sold 7,073 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the sale, the director now owns 40,000 shares of the company’s stock, valued at approximately $17,920,000. The disclosure for this sale can be found here. Insiders have sold 48,128 shares of company stock worth $22,839,005 over the last three months. Insiders own 0.20% of the company’s stock.

Institutional Trading of Vertex Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VRTX. University of Texas Texas AM Investment Managment Co. purchased a new stake in Vertex Pharmaceuticals in the 4th quarter valued at about $25,000. Arlington Trust Co LLC increased its position in Vertex Pharmaceuticals by 97.1% during the 4th quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 33 shares in the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Vertex Pharmaceuticals during the first quarter worth approximately $27,000. ICA Group Wealth Management LLC acquired a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth approximately $28,000. Finally, Baystate Wealth Management LLC grew its position in shares of Vertex Pharmaceuticals by 49.0% during the fourth quarter. Baystate Wealth Management LLC now owns 76 shares of the pharmaceutical company’s stock worth $31,000 after buying an additional 25 shares in the last quarter. 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.