Vertex Pharmaceuticals (NASDAQ:VRTX) Shares Cross Above Fifty Day Moving Average – Should You Sell?

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) shares passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $523.08 and traded as high as $534.94. Vertex Pharmaceuticals shares last traded at $529.69, with a volume of 1,282,431 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on VRTX. The Goldman Sachs Group set a $653.00 target price on shares of Vertex Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, September 1st. Sanford C. Bernstein raised Vertex Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, July 29th. Leerink Partners initiated coverage on shares of Vertex Pharmaceuticals in a research report on Monday, September 21st. They set an “outperform” rating and a $594.00 target price on the stock. Stifel Nicolaus set a $500.00 price target on shares of Vertex Pharmaceuticals and gave the company a “hold” rating in a research note on Tuesday, August 4th. Finally, Truist Financial boosted their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $579.81.

Vertex Pharmaceuticals Price Performance

The business has a 50-day moving average of $523.08 and a two-hundred day moving average of $478.60. The company has a market cap of $134.44 billion, a P/E ratio of 30.83, a P/E/G ratio of 2.51 and a beta of 0.28.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its 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). The firm had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.52 earnings per share. Equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of VRTX. Global Assets Advisory LLC increased its stake in shares of Vertex Pharmaceuticals by 5.7% during the 3rd quarter. Global Assets Advisory LLC now owns 2,145 shares of the pharmaceutical company’s stock valued at $1,077,000 after acquiring an additional 115 shares during the last quarter. Summit Global Investments boosted its position in shares of Vertex Pharmaceuticals by 39.0% in the third quarter. Summit Global Investments now owns 9,982 shares of the pharmaceutical company’s stock worth $5,219,000 after acquiring an additional 2,800 shares during the last quarter. Invera Wealth Advisors LLC boosted its position in shares of Vertex Pharmaceuticals by 5.3% in the third quarter. Invera Wealth Advisors LLC now owns 871 shares of the pharmaceutical company’s stock worth $455,000 after acquiring an additional 44 shares during the last quarter. Americana Partners LLC boosted its position in shares of Vertex Pharmaceuticals by 3.5% in the third quarter. Americana Partners LLC now owns 40,295 shares of the pharmaceutical company’s stock worth $21,067,000 after acquiring an additional 1,381 shares during the last quarter. Finally, Aprio Wealth Management LLC grew its holdings in Vertex Pharmaceuticals by 7.8% in the third quarter. Aprio Wealth Management LLC now owns 647 shares of the pharmaceutical company’s stock valued at $338,000 after purchasing an additional 47 shares during the period. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Company Profile

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.