Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a hold rating to a buy rating in a research report report published on Saturday,Wall Street Zen reports.

Several other research firms have also recently weighed in on VRTX. Weiss Ratings cut shares of Vertex Pharmaceuticals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Barclays upped their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group set a $653.00 target price on shares of Vertex Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, September 1st. Daiwa Securities Group boosted their price objective on shares of Vertex Pharmaceuticals from $555.00 to $556.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Finally, Truist Financial upped their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $579.81.

Vertex Pharmaceuticals Trading Down 1.8%

NASDAQ:VRTX opened at $499.74 on Friday. The stock has a market capitalization of $126.83 billion, a P/E ratio of 29.09, a price-to-earnings-growth ratio of 2.40 and a beta of 0.28. Vertex Pharmaceuticals has a 1 year low of $403.16 and a 1 year high of $560.25. The firm has a 50 day moving average of $523.54 and a 200-day moving average of $480.55.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.23 billion. During the same quarter last year, the company earned $4.52 earnings per share. The firm’s revenue was up 12.5% on a year-over-year basis. As a group, analysts forecast that Vertex Pharmaceuticals will post 16.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several institutional investors have recently modified their holdings of VRTX. Meeder Asset Management Inc. bought a new position in shares of Vertex Pharmaceuticals during the second quarter worth $26,000. Community Financial Services Group LLC bought a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC grew its position in shares of Vertex Pharmaceuticals by 103.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 28 shares during the period. Pingora Partners LLC acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $32,000. Finally, City Holding Co. grew its position in shares of Vertex Pharmaceuticals by 128.1% in the 2nd quarter. City Holding Co. now owns 73 shares of the pharmaceutical company’s stock valued at $36,000 after purchasing an additional 41 shares during the period. 90.96% of the stock is currently owned by institutional investors and hedge funds.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company applies expertise in the science of human disease to discover therapies that address significant unmet medical needs.

Vertex is best known for its cystic fibrosis portfolio, which includes Kalydeco, Orkambi, Symdeko/Symkevi, and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis for patients with specific mutations in the CFTR gene.