Vertex Pharmaceuticals (NASDAQ:VRTX) Price Target Raised to $225.00 at Citigroup

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price raised by investment analysts at Citigroup from $205.00 to $225.00 in a research note issued to investors on Tuesday, The Fly reports. The firm currently has a “buy” rating on the pharmaceutical company’s stock. Citigroup‘s price objective would suggest a potential upside of 22.30% from the stock’s current price.

VRTX has been the subject of several other reports. Jefferies Financial Group boosted their price objective on shares of Vertex Pharmaceuticals from $210.00 to $220.00 in a report on Monday, September 23rd. Bank of America started coverage on shares of Vertex Pharmaceuticals in a report on Wednesday, October 16th. They set a “buy” rating and a $220.00 price objective for the company. BidaskClub raised shares of Vertex Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $220.00 target price on shares of Vertex Pharmaceuticals in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $212.00 target price on shares of Vertex Pharmaceuticals in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $212.52.

VRTX opened at $183.98 on Tuesday. The company has a quick ratio of 3.63, a current ratio of 3.74 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average price of $174.25 and a 200-day moving average price of $175.52. Vertex Pharmaceuticals has a twelve month low of $151.80 and a twelve month high of $195.81. The stock has a market capitalization of $45.30 billion, a price-to-earnings ratio of 65.01, a PEG ratio of 2.17 and a beta of 1.43.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.24. Vertex Pharmaceuticals had a net margin of 64.13% and a return on equity of 21.73%. The firm had revenue of $941.29 million during the quarter, compared to analysts’ expectations of $884.66 million. During the same period in the previous year, the company earned $0.94 earnings per share. The firm’s quarterly revenue was up 25.1% on a year-over-year basis. As a group, analysts expect that Vertex Pharmaceuticals will post 3.42 earnings per share for the current year.

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

In other news, SVP Ourania Tatsis sold 188 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $169.11, for a total value of $31,792.68. Following the completion of the sale, the senior vice president now directly owns 7,696 shares of the company’s stock, valued at $1,301,470.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Stuart A. Arbuckle sold 2,155 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $177.78, for a total transaction of $383,115.90. Following the completion of the sale, the executive vice president now directly owns 34,395 shares of the company’s stock, valued at $6,114,743.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,053 shares of company stock valued at $7,912,908. Corporate insiders own 0.70% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in VRTX. Next Capital Management LLC boosted its position in shares of Vertex Pharmaceuticals by 84.4% during the second quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock worth $30,000 after acquiring an additional 76 shares during the last quarter. Evolution Wealth Advisors LLC bought a new position in shares of Vertex Pharmaceuticals during the second quarter worth $32,000. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Vertex Pharmaceuticals by 118.5% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 177 shares of the pharmaceutical company’s stock worth $32,000 after acquiring an additional 96 shares during the last quarter. HM Payson & Co. bought a new position in shares of Vertex Pharmaceuticals during the second quarter worth $35,000. Finally, Captrust Financial Advisors boosted its position in shares of Vertex Pharmaceuticals by 204.1% during the second quarter. Captrust Financial Advisors now owns 222 shares of the pharmaceutical company’s stock worth $41,000 after acquiring an additional 149 shares during the last quarter. 94.79% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Company Profile

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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