Vertex Pharmaceuticals (NASDAQ:VRTX) Stock Rating Upgraded by Wall Street Zen

Key Points

• Vertex Pharmaceuticals received an upgrade from Wall Street Zen, raising its rating from "hold" to "strong-buy." This change signals increased confidence in the stock's potential for growth.
• Multiple research firms have adjusted their price targets for Vertex, with JPMorgan raising it to $517.00, while HC Wainwright and Royal Bank of Canada decreased their targets.
• The company's earnings report revealed a better-than-expected $4.52 earnings per share, exceeding analyst predictions and showcasing a revenue increase of 11.3% year-over-year.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Saturday.

Several other analysts have also recently commented on VRTX. HC Wainwright decreased their price target on shares of Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating on the stock in a research note on Tuesday, August 5th. Leerink Partners restated a "market perform" rating and issued a $503.00 price objective (down previously from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Guggenheim dropped their price objective on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wells Fargo & Company upgraded shares of Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price objective for the company in a research report on Wednesday, August 6th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $497.10.

Vertex Pharmaceuticals Trading Up 3.2%

VRTX stock traded up $11.89 during trading on Friday, hitting $386.35. 1,309,201 shares of the stock traded hands, compared to its average volume of 1,644,726. Vertex Pharmaceuticals has a one year low of $362.50 and a one year high of $519.88. The stock has a market cap of $99.06 billion, a price-to-earnings ratio of 27.62 and a beta of 0.44. The company has a 50 day simple moving average of $449.35 and a 200 day simple moving average of $465.50.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The firm had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same period last year, the firm posted ($12.83) EPS. The firm's quarterly revenue was up 11.3% on a year-over-year basis. As a group, analysts predict that Vertex Pharmaceuticals will post 15.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bruce I. Sachs purchased 5,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were purchased at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the completion of the purchase, the director owned 45,000 shares in the company, valued at $17,535,600. This represents a 12.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VRTX. Brighton Jones LLC lifted its stake in Vertex Pharmaceuticals by 15.0% in the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock valued at $1,783,000 after buying an additional 579 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of Vertex Pharmaceuticals by 40.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 98,789 shares of the pharmaceutical company's stock worth $39,784,000 after purchasing an additional 28,240 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Vertex Pharmaceuticals by 13.8% in the fourth quarter. Townsquare Capital LLC now owns 17,127 shares of the pharmaceutical company's stock worth $6,897,000 after purchasing an additional 2,073 shares in the last quarter. Sagespring Wealth Partners LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth $925,000. Finally, Summit Investment Advisors Inc. lifted its position in shares of Vertex Pharmaceuticals by 1.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 15,902 shares of the pharmaceutical company's stock worth $6,404,000 after purchasing an additional 162 shares in the last quarter. 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.