Vertex Pharmaceuticals (NASDAQ:VRTX) announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 31st, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the pharmaceutical company to purchase up to 1.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of equities research analysts have issued reports on the company. ValuEngine upgraded Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Maxim Group restated a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Friday, August 2nd. Goldman Sachs Group restated a “buy” rating and set a $220.00 price objective on shares of Vertex Pharmaceuticals in a research report on Thursday, May 23rd. Needham & Company LLC downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. They noted that the move was a valuation call. Finally, Stifel Nicolaus upped their price objective on Vertex Pharmaceuticals from $205.00 to $211.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $206.95.
NASDAQ:VRTX traded down $4.03 during midday trading on Friday, hitting $180.18. The stock had a trading volume of 882,435 shares, compared to its average volume of 1,446,110. Vertex Pharmaceuticals has a one year low of $151.80 and a one year high of $195.81. The company has a market capitalization of $47.91 billion, a price-to-earnings ratio of 63.67, a PEG ratio of 2.43 and a beta of 1.40. The stock has a 50-day moving average of $177.43 and a 200 day moving average of $178.41. The company has a quick ratio of 3.63, a current ratio of 3.74 and a debt-to-equity ratio of 0.12.
In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 720 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $167.08, for a total transaction of $120,297.60. Following the sale, the director now owns 7,260 shares of the company’s stock, valued at approximately $1,213,000.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey M. Leiden sold 56,030 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $175.39, for a total value of $9,827,101.70. Following the sale, the chief executive officer now directly owns 162,317 shares in the company, valued at approximately $28,468,778.63. The disclosure for this sale can be found here. In the last three months, insiders sold 94,361 shares of company stock worth $16,825,553. 0.70% of the stock is owned by insiders.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.
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