Analysts Set Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Price Target at $498.42

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) have been given an average rating of “Moderate Buy” by the twenty-seven ratings firms that are covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $498.4211.

A number of research firms have weighed in on VRTX. Leerink Partners raised Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $458.00 to $456.00 in a research report on Thursday, September 25th. Royal Bank Of Canada lowered their price objective on shares of Vertex Pharmaceuticals from $423.00 to $415.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 4th. Scotiabank assumed coverage on shares of Vertex Pharmaceuticals in a research report on Thursday, November 13th. They set a “sector outperform” rating and a $495.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a report on Wednesday, October 8th. Finally, Citigroup increased their price target on shares of Vertex Pharmaceuticals from $550.00 to $575.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $456.20 on Wednesday. The company has a market capitalization of $115.75 billion, a P/E ratio of 32.17 and a beta of 0.32. Vertex Pharmaceuticals has a 1 year low of $362.50 and a 1 year high of $519.68. The company’s fifty day moving average is $430.64 and its two-hundred day moving average is $425.73.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.22. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.38 earnings per share. As a group, equities analysts expect that Vertex Pharmaceuticals will post 15.63 earnings per share for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Charles F. Wagner, Jr. sold 14,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the transaction, the executive vice president owned 37,725 shares of the company’s stock, valued at $17,202,600. This represents a 27.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the business’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the sale, the chairman owned 24,026 shares in the company, valued at $10,792,479.20. The trade was a 72.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 151,073 shares of company stock valued at $67,326,816 over the last three months. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Activest Wealth Management bought a new position in Vertex Pharmaceuticals in the 1st quarter valued at $25,000. Chesapeake Asset Management LLC grew its position in Vertex Pharmaceuticals by 110.0% during the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after buying an additional 33 shares in the last quarter. Access Investment Management LLC bought a new position in Vertex Pharmaceuticals in the 2nd quarter worth about $27,000. Colonial Trust Co SC raised its holdings in shares of Vertex Pharmaceuticals by 118.8% in the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $29,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Company Profile

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.