Vertex Pharmaceuticals’ (VRTX) “Hold” Rating Reiterated at Maxim Group

Vertex Pharmaceuticals (NASDAQ:VRTX)‘s stock had its “hold” rating restated by Maxim Group in a report released on Friday, August 2nd, Stock Target Advisor reports.

The analysts wrote, “Vertex reported 2Q19 with cystic fibrosis (CF) revenue of $940M, beating consensus of $886.2M, up 25% y/y and 10% sequentially. All three approved CF drugs beat consensus; Kalydeco $262M vs. $254.5M, Orkambi $316M vs. $284.2M, and Symdeko $362M vs. $340.8M. Topline flowed through to the bottom line with $1.26 beating consensus of $1.07. Vertex ended the period with $4B in cash.””

A number of other brokerages also recently issued reports on VRTX. Evercore ISI assumed coverage on Vertex Pharmaceuticals in a research report on Thursday, April 11th. They set an “in-line” rating and a $183.00 price objective on the stock. Cowen set a $220.00 price objective on Vertex Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday, July 31st. ValuEngine cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Stifel Nicolaus upped their target price on Vertex Pharmaceuticals from $205.00 to $211.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Piper Jaffray Companies upped their target price on Vertex Pharmaceuticals from $217.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. Vertex Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $206.95.

VRTX stock traded down $4.03 during midday trading on Friday, reaching $180.18. 882,435 shares of the company traded hands, compared to its average volume of 1,446,110. Vertex Pharmaceuticals has a 52-week low of $151.80 and a 52-week high of $195.81. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.63 and a current ratio of 3.74. The business has a 50 day moving average of $177.43 and a 200-day moving average of $178.41. The firm has a market capitalization of $47.91 billion, a price-to-earnings ratio of 63.67, a P/E/G ratio of 2.43 and a beta of 1.40.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.24. Vertex Pharmaceuticals had a return on equity of 21.73% and a net margin of 64.13%. The business had revenue of $941.29 million for the quarter, compared to the consensus estimate of $884.66 million. During the same period in the prior year, the business posted $0.94 earnings per share. The company’s quarterly revenue was up 25.1% compared to the same quarter last year. Research analysts anticipate that Vertex Pharmaceuticals will post 3.41 earnings per share for the current year.

Vertex Pharmaceuticals declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 31st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the pharmaceutical company to buy up to 1.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Next Capital Management LLC boosted its position in Vertex Pharmaceuticals by 84.4% during the 2nd quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock valued at $30,000 after acquiring an additional 76 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in Vertex Pharmaceuticals during the 2nd quarter valued at $32,000. Patriot Financial Group Insurance Agency LLC boosted its position in Vertex Pharmaceuticals by 118.5% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 177 shares of the pharmaceutical company’s stock valued at $32,000 after acquiring an additional 96 shares in the last quarter. FTB Advisors Inc. boosted its position in Vertex Pharmaceuticals by 1,618.2% during the 1st quarter. FTB Advisors Inc. now owns 189 shares of the pharmaceutical company’s stock valued at $35,000 after acquiring an additional 178 shares in the last quarter. Finally, Pittenger & Anderson Inc. lifted its holdings in shares of Vertex Pharmaceuticals by 64.7% during the 1st quarter. Pittenger & Anderson Inc. now owns 191 shares of the pharmaceutical company’s stock valued at $35,000 after purchasing an additional 75 shares during the last quarter. 94.00% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Vertex Pharmaceuticals (NASDAQ:VRTX)

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