Brokerages Set Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Price Target at $555.17

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) has received an average rating of “Moderate Buy” from the twenty-six brokerages that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $555.1739.

A number of brokerages recently issued reports on VRTX. Oppenheimer increased their price target on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an “outperform” rating in a report on Tuesday, March 10th. Jefferies Financial Group began coverage on shares of Vertex Pharmaceuticals in a report on Tuesday, March 10th. They set a “buy” rating and a $580.00 price target on the stock. Royal Bank Of Canada increased their price target on shares of Vertex Pharmaceuticals from $541.00 to $543.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Scotiabank increased their price target on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an “outperform” rating in a report on Friday, February 13th. Finally, Bank of America increased their price objective on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the company a “buy” rating in a report on Tuesday, March 10th.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX opened at $430.44 on Friday. The company’s fifty day moving average price is $444.02 and its 200 day moving average price is $450.91. Vertex Pharmaceuticals has a 1 year low of $362.50 and a 1 year high of $507.92. The company has a market capitalization of $109.25 billion, a PE ratio of 25.53, a price-to-earnings-growth ratio of 1.86 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the firm posted $4.06 earnings per share. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts expect that Vertex Pharmaceuticals will post 16.97 EPS for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 4,910 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total transaction of $2,394,361.50. Following the transaction, the executive vice president directly owned 17,559 shares of the company’s stock, valued at $8,562,646.35. This trade represents a 21.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Carmen Bozic sold 6,988 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $450.00, for a total transaction of $3,144,600.00. Following the transaction, the chief marketing officer directly owned 26,088 shares in the company, valued at approximately $11,739,600. The trade was a 21.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 21,189 shares of company stock valued at $9,923,036. 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 stock. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Vertex Pharmaceuticals by 3.8% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 544,978 shares of the pharmaceutical company’s stock worth $213,435,000 after buying an additional 20,053 shares during the period. Danske Bank A S purchased a new position in Vertex Pharmaceuticals during the third quarter worth about $64,417,000. Leuthold Group LLC purchased a new position in Vertex Pharmaceuticals during the third quarter worth about $5,030,000. Legacy Capital Group California Inc. purchased a new position in Vertex Pharmaceuticals during the third quarter worth about $956,000. Finally, ING Groep NV purchased a new position in Vertex Pharmaceuticals during the third quarter worth about $4,695,000. 90.96% of the stock is owned by hedge funds and other institutional investors.

About Vertex Pharmaceuticals

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.