Vertex Pharmaceuticals (NASDAQ:VRTX) Given New $530.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target for Vertex Pharmaceuticals from $517.00 to $530.00, indicating a potential upside of 25.76% from the stock's previous close.
• Vertex Pharmaceuticals reported $4.52 earnings per share for the last quarter, exceeding analysts' expectations of $4.24.
• Currently, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" with an average target price of $494.43 among analysts.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $517.00 to $530.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the pharmaceutical company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 25.76% from the stock's previous close.

VRTX has been the topic of several other reports. Royal Bank Of Canada cut their price target on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating on the stock in a research report on Tuesday, August 5th. Stifel Nicolaus reduced their price target on shares of Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a research report on Tuesday, August 5th. Guggenheim dropped their price target on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Cantor Fitzgerald decreased their price target on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating for the company in a research note on Tuesday, August 5th. Finally, Scotiabank decreased their price target on Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating for the company in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $494.43.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ:VRTX traded up $11.16 during midday trading on Wednesday, hitting $421.44. 1,176,041 shares of the stock were exchanged, compared to its average volume of 1,644,775. The company has a market capitalization of $108.05 billion, a PE ratio of 30.12 and a beta of 0.43. Vertex Pharmaceuticals has a 52-week low of $362.50 and a 52-week high of $519.88. The business's fifty day simple moving average is $396.79 and its two-hundred day simple moving average is $441.11.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. The business had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The firm's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business earned ($12.83) earnings per share. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Vertex Pharmaceuticals will post 15.63 EPS for the current year.

Insider Activity

In related news, Director Bruce I. Sachs purchased 5,000 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the purchase, the director directly owned 45,000 shares of the company's stock, valued at $17,535,600. The trade was a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. Activest Wealth Management purchased a new stake in Vertex Pharmaceuticals during the first quarter valued at $25,000. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Vertex Pharmaceuticals by 450.0% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after buying an additional 45 shares in the last quarter. Access Investment Management LLC bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $27,000. Flaharty Asset Management LLC purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter valued at approximately $32,000. Finally, Legacy Investment Solutions LLC purchased a new position in Vertex Pharmaceuticals during the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.

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