Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded by Leerink Partners to Outperform Rating

Leerink Partners upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a market perform rating to an outperform rating in a research report sent to investors on Thursday, MarketBeat Ratings reports. Leerink Partners currently has $456.00 price objective on the pharmaceutical company’s stock, down from their previous price objective of $458.00.

A number of other equities research analysts have also issued reports on the company. Wells Fargo & Company raised Vertex Pharmaceuticals from an “equal weight” rating to an “overweight” rating and set a $460.00 target price on the stock in a research report on Wednesday, August 6th. JPMorgan Chase & Co. raised their price target on Vertex Pharmaceuticals from $515.00 to $517.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Royal Bank Of Canada decreased their price target on Vertex Pharmaceuticals from $430.00 to $405.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 5th. Stifel Nicolaus decreased their price target on Vertex Pharmaceuticals from $494.00 to $455.00 and set a “hold” rating for the company in a research note on Tuesday, August 5th. Finally, Scotiabank decreased their price target on Vertex Pharmaceuticals from $442.00 to $438.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $493.81.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $381.87 on Thursday. The business’s 50 day simple moving average is $407.48 and its 200 day simple moving average is $447.31. Vertex Pharmaceuticals has a 52-week low of $362.50 and a 52-week high of $519.88. The firm has a market cap of $97.91 billion, a PE ratio of 27.30 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter last year, the firm earned ($12.83) EPS. Vertex Pharmaceuticals’s revenue for the quarter was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Vertex Pharmaceuticals will post 15.63 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs bought 5,000 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, August 6th. The stock was bought at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the purchase, the director owned 45,000 shares of the company’s stock, valued at $17,535,600. The trade was a 12.50% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Reynders McVeigh Capital Management LLC boosted its stake in shares of Vertex Pharmaceuticals by 1.8% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 54,310 shares of the pharmaceutical company’s stock worth $24,179,000 after acquiring an additional 974 shares during the period. Total Investment Management Inc. bought a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $33,000. Centaurus Financial Inc. boosted its stake in shares of Vertex Pharmaceuticals by 2.6% during the 2nd quarter. Centaurus Financial Inc. now owns 2,372 shares of the pharmaceutical company’s stock worth $1,056,000 after acquiring an additional 61 shares during the period. Orion Porfolio Solutions LLC boosted its stake in Vertex Pharmaceuticals by 18.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 11,341 shares of the pharmaceutical company’s stock valued at $5,049,000 after purchasing an additional 1,768 shares during the period. Finally, Provident Investment Management Inc. boosted its stake in Vertex Pharmaceuticals by 1.5% in the 2nd quarter. Provident Investment Management Inc. now owns 158,707 shares of the pharmaceutical company’s stock valued at $70,656,000 after purchasing an additional 2,382 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.