Vertex Pharmaceuticals (NASDAQ:VRTX) Downgraded to “Buy” at StockNews.com

StockNews.com downgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a strong-buy rating to a buy rating in a research report sent to investors on Monday morning.

Several other research firms have also recently issued reports on VRTX. Piper Sandler boosted their target price on Vertex Pharmaceuticals from $450.00 to $456.00 and gave the stock an overweight rating in a research report on Tuesday, May 7th. Oppenheimer reaffirmed an outperform rating and set a $500.00 price objective on shares of Vertex Pharmaceuticals in a report on Monday, April 15th. HC Wainwright reissued a buy rating and issued a $462.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, May 7th. Argus upped their price target on shares of Vertex Pharmaceuticals from $465.00 to $550.00 and gave the stock a buy rating in a research note on Monday, June 17th. Finally, Royal Bank of Canada cut their price target on shares of Vertex Pharmaceuticals from $424.00 to $421.00 and set a sector perform rating for the company in a report on Tuesday, June 11th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $444.23.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ VRTX opened at $474.95 on Monday. The stock has a fifty day moving average price of $438.61 and a 200 day moving average price of $423.84. Vertex Pharmaceuticals has a 1-year low of $335.82 and a 1-year high of $486.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.50 and a quick ratio of 3.29. The company has a market cap of $122.56 billion, a PE ratio of 30.82, a P/E/G ratio of 2.42 and a beta of 0.41.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 EPS for the quarter, topping the consensus estimate of $3.66 by $1.10. Vertex Pharmaceuticals had a net margin of 39.46% and a return on equity of 23.08%. The company had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.58 billion. During the same quarter last year, the business earned $2.67 EPS. The business’s revenue was up 13.3% on a year-over-year basis. Sell-side analysts forecast that Vertex Pharmaceuticals will post 15.22 EPS for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, CMO Carmen Bozic sold 2,280 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total value of $1,089,840.00. Following the completion of the transaction, the chief marketing officer now owns 32,379 shares of the company’s stock, valued at $15,477,162. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $478.00, for a total transaction of $1,089,840.00. Following the sale, the chief marketing officer now owns 32,379 shares in the company, valued at $15,477,162. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward Morrow Atkinson III sold 7,288 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total value of $3,483,664.00. Following the completion of the transaction, the executive vice president now owns 15,972 shares of the company’s stock, valued at $7,634,616. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,086 shares of company stock worth $11,983,266. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several hedge funds have recently modified their holdings of VRTX. University of Texas Texas AM Investment Managment Co. purchased a new position in Vertex Pharmaceuticals during the fourth quarter worth approximately $25,000. Annapolis Financial Services LLC purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter worth $27,000. Arlington Trust Co LLC raised its position in shares of Vertex Pharmaceuticals by 97.1% in the 4th quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock worth $27,000 after buying an additional 33 shares during the period. ICA Group Wealth Management LLC acquired a new position in Vertex Pharmaceuticals in the fourth quarter valued at $28,000. Finally, Fortitude Family Office LLC purchased a new stake in Vertex Pharmaceuticals during the fourth quarter valued at about $30,000. 90.96% of the stock is owned by institutional investors and hedge funds.

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.