Vertex Pharmaceuticals (NASDAQ:VRTX) Given New $567.00 Price Target at Bank of America

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price hoisted by Bank of America from $555.00 to $567.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the pharmaceutical company’s stock. Bank of America‘s target price suggests a potential upside of 15.08% from the stock’s previous close.

A number of other brokerages also recently commented on VRTX. Scotiabank increased their price target on Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Stifel Nicolaus increased their target price on shares of Vertex Pharmaceuticals from $490.00 to $494.00 and gave the stock a “hold” rating in a research report on Monday, December 16th. William Blair reissued an “outperform” rating on shares of Vertex Pharmaceuticals in a research report on Friday, January 31st. StockNews.com upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Finally, BMO Capital Markets set a $545.00 target price on Vertex Pharmaceuticals in a research report on Friday, January 31st. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $508.65.

Vertex Pharmaceuticals Trading Down 2.0 %

NASDAQ VRTX opened at $492.69 on Monday. The company has a current ratio of 2.69, a quick ratio of 2.35 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $126.52 billion, a P/E ratio of -223.95, a PEG ratio of 2.11 and a beta of 0.41. The business has a fifty day simple moving average of $476.45 and a 200 day simple moving average of $463.64. Vertex Pharmaceuticals has a 12 month low of $377.85 and a 12 month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 earnings per share for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative net margin of 4.86% and a negative return on equity of 2.02%. On average, analysts predict that Vertex Pharmaceuticals will post 15.63 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Ourania Tatsis sold 244 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $455.06, for a total value of $111,034.64. Following the completion of the transaction, the executive vice president now directly owns 67,695 shares in the company, valued at approximately $30,805,286.70. This represents a 0.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Altshuler sold 3,231 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $500.00, for a total value of $1,615,500.00. Following the transaction, the executive vice president now directly owns 26,512 shares in the company, valued at approximately $13,256,000. This represents a 10.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,315 shares of company stock worth $2,121,012. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the business. Dunhill Financial LLC increased its holdings in shares of Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after buying an additional 24 shares during the period. Brown Lisle Cummings Inc. bought a new stake in Vertex Pharmaceuticals in the fourth quarter valued at approximately $30,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals during the fourth quarter valued at approximately $31,000. Legacy Investment Solutions LLC bought a new position in shares of Vertex Pharmaceuticals in the third quarter worth approximately $33,000. Finally, Sugar Maple Asset Management LLC purchased a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

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.