TD Cowen Raises Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $500.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target upped by TD Cowen from $450.00 to $500.00 in a report published on Tuesday, Benzinga reports. The firm currently has a buy rating on the pharmaceutical company’s stock.

VRTX has been the subject of several other research reports. BMO Capital Markets increased their target price on Vertex Pharmaceuticals from $480.00 to $500.00 and gave the company an outperform rating in a research note on Friday, May 31st. Piper Sandler boosted their target price on shares of Vertex Pharmaceuticals from $450.00 to $456.00 and gave the stock an overweight rating in a research report on Tuesday, May 7th. Oppenheimer reissued an outperform rating and issued a $500.00 price target on shares of Vertex Pharmaceuticals in a report on Monday, April 15th. HC Wainwright raised their price objective on Vertex Pharmaceuticals from $462.00 to $500.00 and gave the stock a buy rating in a research report on Friday, July 19th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of Moderate Buy and an average price target of $460.30.

Vertex Pharmaceuticals Stock Up 0.3 %

Shares of VRTX stock opened at $492.26 on Tuesday. The company has a market capitalization of $127.03 billion, a price-to-earnings ratio of 31.94, a PEG ratio of 2.52 and a beta of 0.39. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.29 and a current ratio of 3.50. The stock’s 50 day simple moving average is $473.18 and its 200 day simple moving average is $436.76. Vertex Pharmaceuticals has a twelve month low of $340.20 and a twelve month high of $503.99.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share for the quarter, topping analysts’ consensus estimates of $3.66 by $1.10. Vertex Pharmaceuticals had a net margin of 39.46% and a return on equity of 23.08%. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the company earned $2.67 earnings per share. Vertex Pharmaceuticals’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, research analysts predict that Vertex Pharmaceuticals will post 15.19 EPS for the current year.

Insider Activity

In other news, Director Bruce I. Sachs sold 7,073 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $448.00, for a total transaction of $3,168,704.00. Following the transaction, the director now directly owns 40,000 shares of the company’s stock, valued at $17,920,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $488.46, for a total value of $1,113,688.80. Following the completion of the transaction, the chief marketing officer now owns 25,539 shares of the company’s stock, valued at $12,474,779.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce I. Sachs sold 7,073 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total transaction of $3,168,704.00. Following the sale, the director now directly owns 40,000 shares in the company, valued at $17,920,000. The disclosure for this sale can be found here. Insiders sold a total of 48,128 shares of company stock valued at $22,839,005 in the last ninety days. 0.20% of the stock is owned by insiders.

Institutional Trading of Vertex Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of VRTX. University of Texas Texas AM Investment Managment Co. acquired a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at approximately $25,000. Arlington Trust Co LLC grew its holdings in Vertex Pharmaceuticals by 97.1% during the fourth quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 33 shares during the period. Annapolis Financial Services LLC bought a new stake in Vertex Pharmaceuticals in the first quarter valued at approximately $27,000. ICA Group Wealth Management LLC bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $28,000. Finally, Baystate Wealth Management LLC raised its stake in Vertex Pharmaceuticals by 49.0% in the 4th quarter. Baystate Wealth Management LLC now owns 76 shares of the pharmaceutical company’s stock valued at $31,000 after acquiring an additional 25 shares during the period. Institutional investors 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.