Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded to “Buy” at Maxim Group

Maxim Group upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, MarketBeat reports. The brokerage currently has $575.00 price objective on the pharmaceutical company’s stock.

Several other research firms have also weighed in on VRTX. Weiss Ratings raised Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 4th. HC Wainwright upped their target price on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the company a “buy” rating in a research report on Tuesday, March 10th. UBS Group raised their target price on Vertex Pharmaceuticals from $535.00 to $545.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Wolfe Research upgraded Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 target price for the company in a report on Tuesday, January 6th. Finally, Royal Bank Of Canada dropped their price target on Vertex Pharmaceuticals from $546.00 to $541.00 and set an “outperform” rating on the stock in a research note on Friday, February 13th. Twenty-four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $554.30.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX opened at $451.59 on Wednesday. The firm’s fifty day moving average is $469.60 and its 200-day moving average is $439.57. Vertex Pharmaceuticals has a 52 week low of $362.50 and a 52 week high of $515.67. The firm has a market cap of $114.72 billion, a P/E ratio of 29.46, a P/E/G ratio of 1.97 and a beta of 0.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing analysts’ consensus estimates of $5.05 by ($0.02). The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.18 billion. Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.Vertex Pharmaceuticals’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business earned $3.98 EPS. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 260 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total transaction of $126,451.00. Following the transaction, the executive vice president owned 46,763 shares in the company, valued at approximately $22,743,185.05. This represents a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Amit Sachdev sold 1,846 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total transaction of $897,802.10. Following the completion of the transaction, the executive vice president directly owned 55,570 shares in the company, valued at $27,026,469.50. This trade represents a 3.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 93,485 shares of company stock worth $43,967,586 in the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several large investors have recently added to or reduced their stakes in VRTX. Chesapeake Asset Management LLC increased its holdings in Vertex Pharmaceuticals by 110.0% during the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after purchasing an additional 33 shares in the last quarter. Motiv8 Investments LLC bought a new position in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $26,000. Colonial Trust Co SC lifted its holdings in shares of Vertex Pharmaceuticals by 118.8% in the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Swiss RE Ltd. purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at approximately $28,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at approximately $29,000. 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.