Analysts Set Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Price Target at $555.91

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) have earned an average recommendation of “Moderate Buy” from the twenty-five research firms that are currently covering the company, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and twenty-one have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $557.0870.

VRTX has been the topic of a number of analyst reports. Jefferies Financial Group started coverage on Vertex Pharmaceuticals in a report on Tuesday, March 10th. They set a “buy” rating and a $580.00 target price on the stock. Truist Financial started coverage on Vertex Pharmaceuticals in a research report on Wednesday, May 27th. They issued a “buy” rating and a $542.00 price objective on the stock. Oppenheimer increased their price objective on Vertex Pharmaceuticals from $540.00 to $600.00 and gave the company an “outperform” rating in a research note on Tuesday, March 10th. Morgan Stanley boosted their target price on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Finally, Bank of America upped their target price 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.

Key Headlines Impacting Vertex Pharmaceuticals

Here are the key news stories impacting Vertex Pharmaceuticals this week:

• Positive Sentiment: Vertex’s acquisition of Crinetics gives it an immediate entry into rare endocrine disease, broadens its pipeline, and could add meaningful long-term revenue growth. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: The deal includes an approved drug and a late-stage candidate, which should reduce development risk and strengthen Vertex’s growth story beyond its core cystic fibrosis franchise. Vertex’s Crinetics Deal Balances Growth with Integration Risk
• Neutral Sentiment: Several reports noted that Vertex shares pulled back modestly after the announcement, suggesting some investors may be weighing integration risk and the size of the cash outlay. M&A News: Vertex Stock Slips After Announcing $10B Crinetics Acquisition
• Neutral Sentiment: Two Vertex executives also disclosed pre-planned stock sales, but the trades were executed under Rule 10b5-1 plans, making them less likely to signal a change in fundamentals. SEC filing for Duncan Mckechnie
• Neutral Sentiment: Another executive sale was disclosed under a pre-arranged trading plan, which may add some headline noise but does not necessarily indicate insider concern. SEC filing for Ourania Tatsis

Insider Buying and Selling

In related news, EVP Ourania Tatsis sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total value of $787,485.00. Following the completion of the sale, the executive vice president directly owned 45,321 shares in the company, valued at approximately $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $425.02, for a total transaction of $469,222.08. Following the sale, the executive vice president directly owned 20,729 shares of the company’s stock, valued at $8,810,239.58. This represents a 5.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 18,874 shares of company stock worth $8,707,966 over the last ninety days. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VRTX. Bangor Savings Bank lifted its position in shares of Vertex Pharmaceuticals by 0.4% during the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock worth $2,220,000 after purchasing an additional 20 shares during the last quarter. Earned Wealth Advisors LLC boosted its position in Vertex Pharmaceuticals by 3.3% during the 4th quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company’s stock valued at $295,000 after purchasing an additional 21 shares during the period. Confluence Wealth Services Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 4.0% during the fourth quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company’s stock valued at $247,000 after acquiring an additional 21 shares during the period. Williams Jones Wealth Management LLC. grew its position in Vertex Pharmaceuticals by 1.9% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock worth $524,000 after purchasing an additional 21 shares during the last quarter. Finally, Childress Capital Advisors LLC grew its holdings in Vertex Pharmaceuticals by 3.1% in the 4th quarter. Childress Capital Advisors LLC now owns 730 shares of the pharmaceutical company’s stock worth $331,000 after buying an additional 22 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Price Performance

VRTX opened at $522.25 on Friday. The business has a 50 day simple moving average of $453.10 and a 200-day simple moving average of $457.50. The stock has a market capitalization of $132.55 billion, a P/E ratio of 30.98, a P/E/G ratio of 2.27 and a beta of 0.29. Vertex Pharmaceuticals has a 12 month low of $362.50 and a 12 month high of $533.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The firm’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.06 earnings per share. Research analysts anticipate that Vertex Pharmaceuticals will post 17.02 EPS for the current year.

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.