Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Moved Up to "Buy" by Wall Street Zen

Key Points

• Wall Street Zen upgraded Vertex Pharmaceuticals to “Buy” from “Hold.” The broader analyst consensus is “Moderate Buy,” with 24 Buy, one Strong Buy and three Hold ratings and an average price target of $579.81.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above estimates, while EPS of $4.73 narrowly missed the $4.74 consensus.
• VRTX opened at $499.74, with a market capitalization of approximately $126.83 billion; institutional investors and hedge funds own 90.96% of outstanding shares.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages have also weighed in on VRTX. Rothschild & Co Redburn boosted their price objective on shares of Vertex Pharmaceuticals from $570.00 to $580.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Daiwa Securities Group increased their target price on Vertex Pharmaceuticals from $555.00 to $556.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, July 29th. Royal Bank Of Canada boosted their price target on Vertex Pharmaceuticals from $570.00 to $576.00 and gave the stock an "outperform" rating in a research note on Thursday, October 8th. Finally, Truist Financial upped 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 research 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. According to data from MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $579.81.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $499.74 on Friday. Vertex Pharmaceuticals has a one year low of $403.16 and a one year high of $560.25. The company's 50-day moving average is $523.54 and its 200 day moving average is $480.55. The company has a market capitalization of $126.83 billion, a price-to-earnings ratio of 29.89, a price-to-earnings-growth ratio of 2.44 and a beta of 0.28.

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

Hedge Funds Weigh In On Vertex Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Bangor Savings Bank grew its stake in shares of Vertex Pharmaceuticals by 0.4% during the 2nd quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company's stock valued at $2,220,000 after purchasing an additional 20 shares during the period. Trust Point Inc. raised its position in Vertex Pharmaceuticals by 2.7% in the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock worth $394,000 after acquiring an additional 21 shares during the period. Cannell & Spears LLC grew its position in shares of Vertex Pharmaceuticals by 1.2% during the 1st quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company's stock valued at $885,000 after acquiring an additional 23 shares during the period. Beaumont Financial Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 4.9% in the 1st quarter. Beaumont Financial Advisors LLC now owns 510 shares of the pharmaceutical company's stock worth $228,000 after purchasing an additional 24 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in Vertex Pharmaceuticals by 3.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 759 shares of the pharmaceutical company's stock worth $377,000 after purchasing an additional 24 shares during the period. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

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 molecular biology, genetics and drug discovery to address conditions with significant unmet medical needs.

Vertex is best known for its portfolio of cystic fibrosis treatments, including Kalydeco, Orkambi, Symdeko/Symkevi and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis by addressing defects in the CFTR protein.

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