Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded by Wall Street Zen to Strong-Buy Rating

Vertex Pharmaceuticals (NASDAQ:VRTX) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “strong-buy” rating in a note issued to investors on Saturday.

A number of other research firms have also weighed in on VRTX. JPMorgan Chase & Co. boosted their target price on shares of Vertex Pharmaceuticals from $515.00 to $517.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Wells Fargo & Company raised shares of Vertex Pharmaceuticals from an “equal weight” rating to an “overweight” rating and set a $460.00 price objective on the stock in a research note on Wednesday. HC Wainwright reduced their price objective on shares of Vertex Pharmaceuticals from $550.00 to $478.00 and set a “buy” rating on the stock in a research note on Tuesday. Royal Bank Of Canada reduced their price objective on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Finally, Leerink Partnrs lowered shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Thirteen equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $497.10.

Vertex Pharmaceuticals Price Performance

VRTX opened at $366.54 on Friday. Vertex Pharmaceuticals has a fifty-two week low of $364.66 and a fifty-two week high of $519.88. The firm has a market capitalization of $93.98 billion, a price-to-earnings ratio of 26.20 and a beta of 0.44. The company’s 50 day moving average price is $450.77 and its two-hundred day moving average price is $465.51.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping analysts’ consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same period in the previous year, the firm posted ($12.83) EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, equities research analysts predict that Vertex Pharmaceuticals will post 15.63 EPS for the current year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs acquired 5,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were purchased at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the acquisition, the director owned 45,000 shares in the company, valued at approximately $17,535,600. This represents a 12.50% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. MTM Investment Management LLC acquired a new position in Vertex Pharmaceuticals during the second quarter worth $52,000. Rockefeller Capital Management L.P. raised its holdings in Vertex Pharmaceuticals by 9.6% during the second quarter. Rockefeller Capital Management L.P. now owns 99,700 shares of the pharmaceutical company’s stock worth $44,387,000 after buying an additional 8,736 shares during the last quarter. Cornerstone Advisors LLC raised its holdings in Vertex Pharmaceuticals by 181.5% during the second quarter. Cornerstone Advisors LLC now owns 36,600 shares of the pharmaceutical company’s stock worth $16,294,000 after buying an additional 23,600 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in Vertex Pharmaceuticals by 44.3% during the second quarter. Citizens Financial Group Inc. RI now owns 32,918 shares of the pharmaceutical company’s stock worth $14,655,000 after buying an additional 10,108 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in Vertex Pharmaceuticals by 1.6% during the second quarter. Avantax Advisory Services Inc. now owns 12,873 shares of the pharmaceutical company’s stock worth $5,731,000 after buying an additional 199 shares during the last quarter. Institutional investors and hedge funds 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.