Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Raised to $474.00 at Morgan Stanley

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective increased by equities researchers at Morgan Stanley from $462.00 to $474.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the pharmaceutical company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 2.57% from the company’s current price.

Other analysts have also issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $480.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Vertex Pharmaceuticals from $505.00 to $510.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Wells Fargo & Company upped their price target on shares of Vertex Pharmaceuticals from $540.00 to $555.00 and gave the stock an “overweight” rating in a research report on Monday, June 24th. Piper Sandler lifted their price objective 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. Finally, Truist Financial reaffirmed a “buy” rating and issued a $550.00 target price (up from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has an average rating of “Hold” and an average target price of $487.23.

Vertex Pharmaceuticals Trading Down 1.6 %

NASDAQ:VRTX opened at $462.14 on Tuesday. The company has a market cap of $119.28 billion, a P/E ratio of 29.99 and a beta of 0.40. Vertex Pharmaceuticals has a twelve month low of $341.85 and a twelve month high of $510.64. The business has a 50 day moving average price of $478.32 and a two-hundred day moving average price of $455.02. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period last year, the business posted $3.53 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. As a group, analysts expect that Vertex Pharmaceuticals will post -2.14 EPS for the current fiscal year.

Insider Activity

In related news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Reshma Kewalramani sold 15,202 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $497.00, for a total value of $7,555,394.00. Following the completion of the transaction, the chief executive officer now owns 106,172 shares in the company, valued at approximately $52,767,484. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,767 shares of company stock worth $15,768,284. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of Vertex Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the business. Focus Financial Network Inc. ADV acquired a new position in shares of Vertex Pharmaceuticals during the fourth quarter worth $245,000. CWA Asset Management Group LLC lifted its holdings in Vertex Pharmaceuticals by 20.8% during the 4th quarter. CWA Asset Management Group LLC now owns 1,787 shares of the pharmaceutical company’s stock worth $727,000 after buying an additional 308 shares during the period. Peapack Gladstone Financial Corp grew its position in shares of Vertex Pharmaceuticals by 10.8% in the 4th quarter. Peapack Gladstone Financial Corp now owns 1,333 shares of the pharmaceutical company’s stock valued at $542,000 after buying an additional 130 shares during the last quarter. Belpointe Asset Management LLC increased its stake in shares of Vertex Pharmaceuticals by 7.4% in the fourth quarter. Belpointe Asset Management LLC now owns 729 shares of the pharmaceutical company’s stock valued at $297,000 after buying an additional 50 shares during the period. Finally, Lake Street Advisors Group LLC bought a new position in shares of Vertex Pharmaceuticals during the fourth quarter worth about $564,000. 90.96% of the stock is currently owned by institutional investors.

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.