Morgan Stanley Boosts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $474.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target upped by Morgan Stanley from $462.00 to $474.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the pharmaceutical company’s stock.

Other equities research analysts have also issued research reports about the company. TD Cowen lifted their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Piper Sandler lifted their price objective on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an overweight rating in a report on Friday, August 2nd. Truist Financial reaffirmed a buy rating and set a $550.00 target price (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. HC Wainwright lifted their target price on Vertex Pharmaceuticals from $500.00 to $600.00 and gave the company a buy rating in a report on Monday, August 5th. Finally, Argus lifted their target price on Vertex Pharmaceuticals from $465.00 to $550.00 and gave the company a buy rating in a report on Monday, June 17th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $487.23.

Vertex Pharmaceuticals Trading Down 1.9 %

NASDAQ VRTX opened at $453.55 on Tuesday. The stock has a market capitalization of $117.04 billion, a price-to-earnings ratio of 29.43 and a beta of 0.40. Vertex Pharmaceuticals has a one year low of $341.90 and a one year high of $510.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26. The business’s fifty day moving average is $477.55 and its 200-day moving average is $455.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the previous year, the firm earned $3.53 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts predict that Vertex Pharmaceuticals will post -2.14 EPS for the current year.

Insider Buying and Selling

In related news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares in the company, valued at approximately $2,217,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares in the company, valued at $2,217,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce I. Sachs sold 5,295 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $508.00, for a total value of $2,689,860.00. Following the completion of the sale, the director now owns 40,000 shares of the company’s stock, valued at approximately $20,320,000. The disclosure for this sale can be found here. Insiders sold 31,767 shares of company stock worth $15,768,284 in the last quarter. 0.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently made changes to their positions in VRTX. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at approximately $25,000. Annapolis Financial Services LLC purchased a new stake in Vertex Pharmaceuticals in the first quarter worth $27,000. ICA Group Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals in the fourth quarter worth $28,000. GHP Investment Advisors Inc. purchased a new stake in Vertex Pharmaceuticals in the second quarter worth $29,000. Finally, Stephens Consulting LLC purchased a new stake in Vertex Pharmaceuticals in the second quarter worth $31,000. 90.96% of the stock is owned by hedge funds and other 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.