Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Vertex Pharmaceuticals from a “hold” to a “buy,” adding to a generally bullish analyst outlook on the stock.
• Other analysts also remain positive, with multiple firms reiterating or initiating buy/overweight ratings and a consensus rating of Moderate Buy with a $555.17 price target.
• Vertex recently reported better-than-expected earnings, posting $4.47 EPS versus $4.24 expected, while revenue matched estimates at $2.99 billion and rose 8.3% year over year.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday.

Other research analysts have also issued research reports about the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $590.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. HC Wainwright boosted their target price on shares of Vertex Pharmaceuticals from $591.00 to $641.00 and gave the company a "buy" rating in a research report on Tuesday, March 10th. Barclays upped their price target on shares of Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an "overweight" rating in a research note on Wednesday. Jefferies Financial Group assumed coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, March 10th. They issued a "buy" rating and a $580.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a "hold" rating in a report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $555.17.

Vertex Pharmaceuticals Price Performance

Shares of Vertex Pharmaceuticals stock opened at $429.82 on Friday. The business has a fifty day simple moving average of $450.45 and a two-hundred day simple moving average of $449.78. Vertex Pharmaceuticals has a 1 year low of $362.50 and a 1 year high of $507.92. The company has a market capitalization of $109.09 billion, a price-to-earnings ratio of 25.49, a P/E/G ratio of 1.86 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating the consensus estimate of $4.24 by $0.23. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company's quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the company earned $4.06 earnings per share. As a group, equities analysts anticipate that Vertex Pharmaceuticals will post 16.96 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Jonathan Biller sold 945 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total transaction of $459,600.75. Following the sale, the executive vice president directly owned 13,659 shares of the company's stock, valued at approximately $6,643,054.65. This represents a 6.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark E. Bunnage sold 620 shares of the business's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total value of $301,537.00. Following the completion of the transaction, the executive vice president directly owned 7,284 shares of the company's stock, valued at approximately $3,542,573.40. This trade represents a 7.84% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 81,853 shares of company stock worth $38,479,135. 0.20% of the stock is owned by insiders.

Institutional Trading of Vertex Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Earned Wealth Advisors LLC lifted its stake in Vertex Pharmaceuticals by 3.3% during the fourth quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company's stock worth $295,000 after purchasing an additional 21 shares during the last quarter. Confluence Wealth Services Inc. increased its stake in shares of Vertex Pharmaceuticals by 4.0% in the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock valued at $247,000 after purchasing an additional 21 shares during the last quarter. Williams Jones Wealth Management LLC. lifted its position in shares of Vertex Pharmaceuticals by 1.9% during the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock worth $524,000 after buying an additional 21 shares during the last quarter. Childress Capital Advisors LLC boosted its stake in Vertex Pharmaceuticals by 3.1% in the fourth quarter. Childress Capital Advisors LLC now owns 730 shares of the pharmaceutical company's stock valued at $331,000 after buying an additional 22 shares in the last quarter. Finally, Central Pacific Bank Trust Division grew its position in Vertex Pharmaceuticals by 0.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 5,026 shares of the pharmaceutical company's stock valued at $2,279,000 after acquiring an additional 24 shares during the last quarter. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Company Profile

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.

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.