Canaccord Genuity Group Boosts Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $408.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target hoisted by Canaccord Genuity Group from $361.00 to $408.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a sell rating on the pharmaceutical company’s stock.

Several other research firms have also issued reports on VRTX. Royal Bank of Canada increased their target price on shares of Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a report on Tuesday. Barclays cut shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $472.00 to $509.00 in a research note on Monday, August 5th. HC Wainwright reissued a “buy” rating and set a $600.00 price target on shares of Vertex Pharmaceuticals in a report on Monday, October 21st. Bank of America dropped their price objective on Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. decreased their target price on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $495.96.

Vertex Pharmaceuticals Trading Up 2.8 %

Vertex Pharmaceuticals stock opened at $516.74 on Wednesday. The business has a 50-day simple moving average of $475.40 and a two-hundred day simple moving average of $468.01. Vertex Pharmaceuticals has a 52-week low of $341.90 and a 52-week high of $519.88. The company has a quick ratio of 2.26, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The company has a market cap of $133.08 billion, a P/E ratio of -259.67 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. The company had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. Vertex Pharmaceuticals’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the firm earned $3.67 EPS. Analysts predict that Vertex Pharmaceuticals will post -2.04 EPS for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $499.00, for a total value of $1,888,216.00. Following the sale, the chairman now owns 9,994 shares in the company, valued at $4,987,006. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Northwest Investment Counselors LLC purchased a new position in shares of Vertex Pharmaceuticals during the third quarter worth approximately $25,000. Highline Wealth Partners LLC bought a new position in Vertex Pharmaceuticals in the third quarter worth approximately $27,000. GHP Investment Advisors Inc. bought a new stake in Vertex Pharmaceuticals during the 2nd quarter valued at $29,000. Stephens Consulting LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth $31,000. Finally, Founders Capital Management grew its position in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 25 shares in the last quarter. 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.