Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Raised to $476.00 at Morgan Stanley

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price lifted by Morgan Stanley from $473.00 to $476.00 in a research report sent to investors on Tuesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the pharmaceutical company’s stock.

A number of other brokerages have also commented on VRTX. JPMorgan Chase & Co. raised their price target on Vertex Pharmaceuticals from $505.00 to $510.00 and gave the company an “overweight” rating in a report on Monday, August 5th. StockNews.com cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, October 8th. Finally, Bank of America cut their target price on Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $494.63.

Vertex Pharmaceuticals Trading Up 5.7 %

Vertex Pharmaceuticals stock opened at $499.88 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.26 and a current ratio of 2.52. Vertex Pharmaceuticals has a one year low of $341.90 and a one year high of $510.64. The company has a 50-day simple moving average of $474.73 and a 200-day simple moving average of $466.76.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.88% and a negative net margin of 4.52%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the previous year, the firm posted $3.67 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts forecast that Vertex Pharmaceuticals will post -2.04 EPS for the current year.

Insider Buying and Selling

In related news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $499.00, for a total value of $1,888,216.00. Following the completion of the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the sale, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in VRTX. Northwest Investment Counselors LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter worth about $25,000. Highline Wealth Partners LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter worth about $27,000. GHP Investment Advisors Inc. purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $29,000. Stephens Consulting LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $31,000. Finally, Founders Capital Management raised its stake in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after purchasing an additional 25 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

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.