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

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price hoisted by equities research analysts at Morgan Stanley from $473.00 to $476.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the pharmaceutical company’s stock. Morgan Stanley’s target price would suggest a potential downside of 0.83% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Piper Sandler raised their target price on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. StockNews.com downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of Vertex Pharmaceuticals from $505.00 to $510.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a report on Friday, July 26th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $492.58.

Vertex Pharmaceuticals Price Performance

NASDAQ:VRTX opened at $480.00 on Tuesday. The company has a market cap of $123.89 billion, a P/E ratio of -236.45 and a beta of 0.39. The firm’s fifty day moving average price is $474.34 and its two-hundred day moving average price is $466.02. Vertex Pharmaceuticals has a one year low of $341.90 and a one year high of $510.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same quarter in the previous year, the business posted $3.67 earnings per share. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% on a year-over-year basis. Equities analysts expect that Vertex Pharmaceuticals will post -2.04 earnings per share for the current year.

Insider Activity

In related news, CMO Carmen Bozic sold 2,280 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total value of $1,086,990.00. Following the transaction, the chief marketing officer now owns 23,259 shares in the company, valued at $11,088,728.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total transaction of $1,086,990.00. Following the sale, the chief marketing officer now directly owns 23,259 shares in the company, valued at approximately $11,088,728.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’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 completion of the transaction, the director now directly owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,710 shares of company stock worth $3,298,206 over the last three months. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new stake in Vertex Pharmaceuticals during the third quarter valued at $25,000. Highline Wealth Partners LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter valued at about $27,000. GHP Investment Advisors Inc. purchased a new position in shares of Vertex Pharmaceuticals in the second quarter worth approximately $29,000. Stephens Consulting LLC bought a new stake in Vertex Pharmaceuticals during the second quarter valued at approximately $31,000. Finally, Founders Capital Management increased its holdings in Vertex Pharmaceuticals by 50.0% during the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after buying an additional 25 shares during the last quarter. 90.96% of the stock is owned by 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.