Vertex Pharmaceuticals (NASDAQ:VRTX) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Vertex shares moved above their 200-day moving average, reaching $509.50 and closing near $504.73, compared with the 200-day average of $477.12.
• Analysts remain broadly bullish, with an average rating of “Moderate Buy” and an average price target of $575.13; recent targets range from $550 to $615.
• The company reported $3.33 billion in quarterly revenue, up 12.5% year over year and above expectations, though earnings per share of $4.73 narrowly missed the $4.74 consensus estimate. Institutional investors own approximately 90.96% of the stock.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Get Free Report) shares passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $477.12 and traded as high as $509.50. Vertex Pharmaceuticals shares last traded at $504.73, with a volume of 939,520 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on VRTX. TD Cowen increased their price objective on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. Royal Bank Of Canada boosted their target price on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Leerink Partners initiated coverage on Vertex Pharmaceuticals in a research note on Monday, September 21st. They set an "outperform" rating and a $594.00 price target on the stock. Cantor Fitzgerald increased their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Finally, UBS Group raised their price objective on Vertex Pharmaceuticals from $585.00 to $615.00 and gave the company a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $575.13.

Vertex Pharmaceuticals Price Performance

The business's fifty day moving average price is $519.58 and its 200-day moving average price is $477.12. The stock has a market capitalization of $128.10 billion, a price-to-earnings ratio of 29.38, a PEG ratio of 2.22 and a beta of 0.28.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.52 EPS. Equities research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.68 earnings per share for the current fiscal year.

Institutional Trading of Vertex Pharmaceuticals

Several institutional investors have recently made changes to their positions in the company. QRG Capital Management Inc. lifted its position in shares of Vertex Pharmaceuticals by 8.9% during the 2nd quarter. QRG Capital Management Inc. now owns 21,665 shares of the pharmaceutical company's stock worth $10,762,000 after buying an additional 1,765 shares in the last quarter. State Street Corp increased its position in shares of Vertex Pharmaceuticals by 1.2% during the second quarter. State Street Corp now owns 11,871,459 shares of the pharmaceutical company's stock valued at $5,896,910,000 after acquiring an additional 141,320 shares during the last quarter. Capstone Financial Advisors Inc. purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at approximately $215,000. Sequoia Financial Advisors LLC lifted its holdings in Vertex Pharmaceuticals by 12.3% during the second quarter. Sequoia Financial Advisors LLC now owns 16,729 shares of the pharmaceutical company's stock worth $8,310,000 after acquiring an additional 1,831 shares during the period. Finally, Tidal Investments LLC lifted its holdings in Vertex Pharmaceuticals by 3.9% during the second quarter. Tidal Investments LLC now owns 95,685 shares of the pharmaceutical company's stock worth $47,530,000 after acquiring an additional 3,604 shares during the period. Institutional investors 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 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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