Vertex Pharmaceuticals (NASDAQ:VRTX) Sets New 1-Year High - Here's What Happened

Key Points

• Vertex Pharmaceuticals reached a new 52-week high, trading as high as $546.86 and up 3.4%. Its market capitalization stood at approximately $138.62 billion.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $563.50; several firms recently raised their targets.
• Quarterly revenue rose 12.5% year over year to $3.33 billion, exceeding expectations, although earnings of $4.73 per share narrowly missed estimates. Insiders sold shares under pre-arranged trading plans, while institutional investors own 90.96% of the stock.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The company traded as high as $546.86 and last traded at $543.0780, with a volume of 378432 shares. The stock had previously closed at $528.19.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Morgan Stanley boosted their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an "overweight" rating in a report on Tuesday, May 5th. Canaccord Genuity Group raised their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Truist Financial lifted their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. TD Cowen boosted their price target on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Finally, Cantor Fitzgerald raised their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $563.50.

Vertex Pharmaceuticals Trading Up 3.4%

The firm has a fifty day moving average price of $486.36 and a 200 day moving average price of $464.31. The firm has a market cap of $138.62 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 2.09 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued 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). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The company had revenue of $3.33 billion during the quarter, compared to analysts' expectations of $3.23 billion. During the same quarter last year, the firm posted $4.52 earnings per share. The firm's quarterly revenue was up 12.5% on a year-over-year basis. As a group, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Duncan Mckechnie sold 1,541 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the completion of the sale, the executive vice president owned 11,001 shares in the company, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the company's stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the transaction, the executive vice president owned 45,321 shares in the company, valued at $23,793,071.79. This trade represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 10,464 shares of company stock valued at $4,959,397. Company insiders own 0.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Community Financial Services Group LLC acquired a new position in shares of Vertex Pharmaceuticals during the second quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in Vertex Pharmaceuticals during the 2nd quarter worth about $26,000. Motiv8 Investments LLC purchased a new stake in Vertex Pharmaceuticals during the 4th quarter worth about $26,000. Elevation Wealth Partners LLC boosted its position in shares of Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock worth $27,000 after acquiring an additional 28 shares in the last quarter. Finally, Swiss RE Ltd. acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex's marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.

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