Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Receives $555.91 Consensus Target Price from Brokerages

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) has been given a consensus recommendation of “Moderate Buy” by the twenty-five research firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $555.9130.

A number of analysts recently issued reports on VRTX shares. Weiss Ratings raised Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, May 18th. Maxim Group raised Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $575.00 target price for the company in a report on Wednesday, March 18th. Barclays upped their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Oppenheimer raised their price objective on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the company an “outperform” rating in a research report on Tuesday, March 10th. Finally, Citigroup boosted their price objective on shares of Vertex Pharmaceuticals from $575.00 to $585.00 and gave the company a “buy” rating in a research note on Tuesday, March 10th.

Vertex Pharmaceuticals Stock Up 1.3%

VRTX traded up $5.81 on Wednesday, hitting $458.98. The company’s stock had a trading volume of 78,599 shares, compared to its average volume of 1,360,010. The company’s 50 day simple moving average is $437.67 and its 200-day simple moving average is $452.82. Vertex Pharmaceuticals has a 12 month low of $362.50 and a 12 month high of $507.92. The firm has a market cap of $116.49 billion, a P/E ratio of 27.19, a price-to-earnings-growth ratio of 1.93 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.23. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.06 earnings per share. Equities analysts predict that Vertex Pharmaceuticals will post 17.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Sangeeta N. Bhatia sold 318 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.73, for a total value of $134,746.14. Following the transaction, the director owned 4,924 shares of the company’s stock, valued at approximately $2,086,446.52. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of Vertex Pharmaceuticals stock in a transaction on Friday, May 1st. The shares were sold at an average price of $425.02, for a total value of $469,222.08. Following the sale, the executive vice president directly owned 20,729 shares of the company’s stock, valued at $8,810,239.58. This represents a 5.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 11,133 shares of company stock valued at $4,973,106 in the last three months. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. First National Bank of Mount Dora Trust Investment Services increased its holdings in shares of Vertex Pharmaceuticals by 16.1% in the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 7,211 shares of the pharmaceutical company’s stock worth $3,220,000 after buying an additional 999 shares during the last quarter. Parallel Advisors LLC increased its stake in Vertex Pharmaceuticals by 6.4% in the first quarter. Parallel Advisors LLC now owns 5,522 shares of the pharmaceutical company’s stock valued at $2,466,000 after acquiring an additional 333 shares during the last quarter. Glenmede Trust Co. NA raised its position in Vertex Pharmaceuticals by 5.0% during the first quarter. Glenmede Trust Co. NA now owns 5,608 shares of the pharmaceutical company’s stock valued at $2,504,000 after purchasing an additional 269 shares in the last quarter. Axiom Investment Management LLC purchased a new stake in Vertex Pharmaceuticals during the first quarter valued at about $283,000. Finally, Groupama Asset Managment lifted its stake in Vertex Pharmaceuticals by 1.7% during the first quarter. Groupama Asset Managment now owns 165,897 shares of the pharmaceutical company’s stock worth $74,080,000 after purchasing an additional 2,753 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.