Piper Sandler Increases Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target to $535.00

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target increased by Piper Sandler from $500.00 to $535.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the pharmaceutical company’s stock.

Several other analysts also recently commented on VRTX. Canaccord Genuity Group increased their price objective on Vertex Pharmaceuticals from $371.00 to $376.00 and gave the stock a sell rating in a research report on Wednesday. UBS Group dropped their price objective on shares of Vertex Pharmaceuticals from $498.00 to $466.00 and set a buy rating on the stock in a research note on Wednesday, April 17th. Redburn Atlantic began coverage on shares of Vertex Pharmaceuticals in a report on Thursday, June 27th. They issued a buy rating and a $545.00 target price on the stock. Morgan Stanley lifted their price objective on Vertex Pharmaceuticals from $402.00 to $455.00 and gave the company an equal weight rating in a report on Thursday, July 11th. Finally, Wells Fargo & Company increased their target price on Vertex Pharmaceuticals from $540.00 to $555.00 and gave the stock an overweight rating in a research note on Monday, June 24th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $472.23.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $494.46 on Friday. The company’s 50 day simple moving average is $479.25 and its 200-day simple moving average is $439.75. The firm has a market cap of $127.60 billion, a PE ratio of 32.09 and a beta of 0.39. Vertex Pharmaceuticals has a 12-month low of $340.20 and a 12-month high of $510.64. The company has a current ratio of 3.50, a quick ratio of 3.29 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.66 by $1.10. Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.36%. The company had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period last year, the firm posted $2.67 EPS. Vertex Pharmaceuticals’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities analysts predict that Vertex Pharmaceuticals will post -1.04 EPS for the current year.

Insider Activity

In other news, insider Reshma Kewalramani 15,202 shares of the stock in a transaction on Tuesday, July 30th. The was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Reshma Kewalramani 15,202 shares of Vertex Pharmaceuticals stock in a transaction dated Tuesday, July 30th. The was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Edward Morrow Atkinson III sold 7,288 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total transaction of $3,483,664.00. Following the completion of the transaction, the executive vice president now owns 15,972 shares in the company, valued at approximately $7,634,616. The disclosure for this sale can be found here. Insiders sold a total of 53,423 shares of company stock valued at $25,528,865 over the last 90 days. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Telos Capital Management Inc. boosted its holdings in Vertex Pharmaceuticals by 1.6% in the fourth quarter. Telos Capital Management Inc. now owns 15,073 shares of the pharmaceutical company’s stock worth $6,133,000 after purchasing an additional 237 shares during the period. Brookstone Capital Management boosted its stake in Vertex Pharmaceuticals by 11.1% in the first quarter. Brookstone Capital Management now owns 2,368 shares of the pharmaceutical company’s stock valued at $990,000 after acquiring an additional 237 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Vertex Pharmaceuticals by 15.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 29,897 shares of the pharmaceutical company’s stock worth $12,497,000 after purchasing an additional 3,999 shares during the last quarter. Brevan Howard Capital Management LP grew its stake in shares of Vertex Pharmaceuticals by 216.3% in the fourth quarter. Brevan Howard Capital Management LP now owns 4,830 shares of the pharmaceutical company’s stock worth $1,965,000 after purchasing an additional 3,303 shares in the last quarter. Finally, Greenwood Capital Associates LLC increased its holdings in shares of Vertex Pharmaceuticals by 11.3% during the fourth quarter. Greenwood Capital Associates LLC now owns 25,345 shares of the pharmaceutical company’s stock valued at $10,313,000 after purchasing an additional 2,576 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

About Vertex Pharmaceuticals

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.