Vertex Pharmaceuticals (NASDAQ:VRTX) Sets New 52-Week High - Time to Buy?

Key Points

• Vertex shares reached a new 52-week high of $563.80, up 3.5%, with the stock trading well above its 50-day and 200-day moving averages.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $579.81; recent targets range as high as $653.
• Vertex reported $3.33 billion in quarterly revenue, up 12.5% year over year, though EPS of $4.73 narrowly missed estimates. Institutional investors own approximately 90.96% of the company.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Get Free Report) shares reached a new 52-week high during mid-day trading on Friday. The company traded as high as $563.80 and last traded at $558.82, with a volume of 198,526 shares trading hands. The stock had previously closed at $540.00.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on VRTX shares. Stifel Nicolaus set a $500.00 target price on shares of Vertex Pharmaceuticals and gave the company a "hold" rating in a research note on Tuesday, August 4th. The Goldman Sachs Group set a $653.00 target price on Vertex Pharmaceuticals and gave the stock a "buy" rating in a report on Tuesday, September 1st. UBS Group lifted their price target on Vertex Pharmaceuticals from $585.00 to $615.00 and gave the company a "buy" rating in a research report on Monday, September 28th. Barclays boosted their price target on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada lifted their price objective on shares of Vertex Pharmaceuticals from $570.00 to $576.00 and gave the stock an "outperform" rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $579.81.

Vertex Pharmaceuticals Stock Up 3.5%

The stock has a fifty day moving average of $522.84 and a 200-day moving average of $478.98. The stock has a market capitalization of $141.90 billion, a PE ratio of 32.53, a price-to-earnings-growth ratio of 2.54 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 the consensus estimate of $4.74 by ($0.01). The business 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 company's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 EPS. Equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.74 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Global Investments acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $3,568,000. Calamos Advisors LLC boosted its stake in shares of Vertex Pharmaceuticals by 77.1% during the 1st quarter. Calamos Advisors LLC now owns 77,886 shares of the pharmaceutical company's stock valued at $34,779,000 after buying an additional 33,917 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. lifted its stake in Vertex Pharmaceuticals by 11.9% in the first quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 34,991 shares of the pharmaceutical company's stock valued at $15,625,000 after acquiring an additional 3,710 shares during the last quarter. Danica Pension Livsforsikringsaktieselskab acquired a new position in Vertex Pharmaceuticals during the second quarter worth $13,823,000. Finally, UNIVEST FINANCIAL Corp bought a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $4,495,000. Institutional investors and hedge funds own 90.96% of the company's stock.

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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.