Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded by Royal Bank Of Canada to “Outperform” Rating

Royal Bank Of Canada upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a sector perform rating to an outperform rating in a research report report published on Thursday morning, MarketBeat reports. Royal Bank Of Canada currently has $546.00 price objective on the pharmaceutical company’s stock, up from their prior price objective of $455.00.

Several other research analysts have also recently issued reports on VRTX. Citigroup raised their price objective on Vertex Pharmaceuticals from $550.00 to $575.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Leerink Partners increased their price target on shares of Vertex Pharmaceuticals from $456.00 to $525.00 and gave the stock an “outperform” rating in a report on Monday, December 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a research note on Wednesday, October 8th. Wells Fargo & Company raised their target price on shares of Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Finally, Scotiabank began coverage on shares of Vertex Pharmaceuticals in a research report on Thursday, November 13th. They set a “sector outperform” rating and a $495.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $510.35.

Vertex Pharmaceuticals Trading Up 1.3%

NASDAQ VRTX opened at $467.35 on Thursday. The company’s 50-day moving average price is $448.45 and its 200-day moving average price is $427.42. The stock has a market cap of $118.58 billion, a PE ratio of 32.96 and a beta of 0.31. Vertex Pharmaceuticals has a 12 month low of $362.50 and a 12 month high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.58 by $0.22. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. Vertex Pharmaceuticals had a return on equity of 23.51% and a net margin of 31.35%.The firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $4.38 earnings per share. As a group, sell-side analysts forecast that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, Chairman Jeffrey M. Leiden sold 63,781 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the completion of the sale, the chairman directly owned 24,026 shares of the company’s stock, valued at approximately $10,792,479.20. This trade represents a 72.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ourania Tatsis sold 4,500 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $474.99, for a total transaction of $2,137,455.00. Following the completion of the sale, the executive vice president owned 42,293 shares of the company’s stock, valued at $20,088,752.07. This trade represents a 9.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 165,105 shares of company stock worth $73,858,523. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after purchasing an additional 579 shares during the period. Norden Group LLC grew its position in shares of Vertex Pharmaceuticals by 44.0% during the second quarter. Norden Group LLC now owns 2,575 shares of the pharmaceutical company’s stock worth $1,146,000 after buying an additional 787 shares in the last quarter. Mather Group LLC. increased its stake in shares of Vertex Pharmaceuticals by 4.1% during the second quarter. Mather Group LLC. now owns 4,316 shares of the pharmaceutical company’s stock worth $1,921,000 after buying an additional 170 shares during the period. Harrell Investment Partners LLC purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter worth approximately $1,938,000. Finally, McAdam LLC raised its holdings in Vertex Pharmaceuticals by 16.3% in the second quarter. McAdam LLC now owns 600 shares of the pharmaceutical company’s stock valued at $267,000 after acquiring an additional 84 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 Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.