Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Stock Has Average Price Target of $579.81 According to Brokerages

Key Points

• Analysts remain broadly bullish: Twenty-four of 28 brokerages rate Vertex Pharmaceuticals a buy, one rates it a strong buy and three recommend holding. The average 12-month price target is $579.81, above the reported $507 share price.
• Shares opened lower at $507, down 0.6%, with a market capitalization of approximately $128.68 billion. The stock has traded between $402.58 and $560.25 over the past year.
• Vertex slightly missed quarterly EPS estimates, reporting $4.73 versus the $4.74 consensus, but revenue reached $3.33 billion and grew 12.5% year over year. Institutional investors own approximately 90.96% of the company.

Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twenty-eight brokerages that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $579.81.

A number of research analysts recently weighed in on VRTX shares. Weiss Ratings downgraded Vertex Pharmaceuticals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 2nd. Jefferies Financial Group increased their price target on Vertex Pharmaceuticals from $633.00 to $640.00 and gave the stock a "buy" rating in a report on Wednesday, September 23rd. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, July 29th. Royal Bank Of Canada raised their price objective on Vertex Pharmaceuticals from $570.00 to $576.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Rothschild & Co Redburn boosted their price objective on Vertex Pharmaceuticals from $570.00 to $580.00 and gave the company a "buy" rating in a report on Wednesday, August 5th.

Vertex Pharmaceuticals Trading Down 0.6%

Shares of NASDAQ VRTX opened at $507.00 on Tuesday. The firm's 50-day moving average price is $522.57 and its 200-day moving average price is $479.35. Vertex Pharmaceuticals has a 1-year low of $402.58 and a 1-year high of $560.25. The firm has a market capitalization of $128.68 billion, a P/E ratio of 29.51, a P/E/G ratio of 2.24 and a beta of 0.28.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The company had revenue of $3.33 billion for 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%. Vertex Pharmaceuticals's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the company earned $4.52 EPS. Equities research analysts forecast that Vertex Pharmaceuticals will post 16.65 EPS for the current year.

Hedge Funds Weigh In On Vertex Pharmaceuticals

A number of large investors have recently modified their holdings of VRTX. Community Financial Services Group LLC purchased a new stake in Vertex Pharmaceuticals in the 2nd quarter worth about $26,000. Meeder Asset Management Inc. bought a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC lifted its holdings in Vertex Pharmaceuticals by 103.7% during the second quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after purchasing an additional 28 shares during the last quarter. Pingora Partners LLC purchased a new stake in Vertex Pharmaceuticals during the second quarter valued at about $32,000. Finally, City Holding Co. lifted its holdings in Vertex Pharmaceuticals by 128.1% during the second quarter. City Holding Co. now owns 73 shares of the pharmaceutical company's stock valued at $36,000 after purchasing an additional 41 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

About Vertex Pharmaceuticals

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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