BidaskClub Upgrades Vertex Pharmaceuticals (NASDAQ:VRTX) to Hold

BidaskClub upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from a sell rating to a hold rating in a report released on Tuesday morning, BidAskClub reports.

A number of other brokerages have also recently commented on VRTX. Goldman Sachs Group upgraded Vertex Pharmaceuticals from a neutral rating to a buy rating and raised their price target for the stock from $226.00 to $254.00 in a research report on Tuesday, September 3rd. Cowen set a $220.00 price target on Vertex Pharmaceuticals and gave the stock a buy rating in a research report on Wednesday, July 31st. Credit Suisse Group raised their price target on Vertex Pharmaceuticals from $209.00 to $213.00 and gave the stock an outperform rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. restated a buy rating and issued a $212.00 price target on shares of Vertex Pharmaceuticals in a research report on Thursday, August 1st. Finally, Needham & Company LLC cut Vertex Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday, August 1st. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $211.15.

VRTX stock opened at $172.41 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.74 and a quick ratio of 3.63. The stock has a market capitalization of $44.32 billion, a price-to-earnings ratio of 60.92, a PEG ratio of 2.21 and a beta of 1.43. The business’s fifty day moving average price is $175.16 and its two-hundred day moving average price is $175.97. Vertex Pharmaceuticals has a fifty-two week low of $151.80 and a fifty-two week high of $195.81.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.24. Vertex Pharmaceuticals had a return on equity of 21.73% and a net margin of 64.13%. The company had revenue of $941.29 million for the quarter, compared to analysts’ expectations of $884.66 million. During the same quarter last year, the business earned $0.94 earnings per share. Vertex Pharmaceuticals’s revenue was up 25.1% on a year-over-year basis. Research analysts expect that Vertex Pharmaceuticals will post 3.41 EPS for the current year.

Vertex Pharmaceuticals declared that its board has initiated a share buyback plan on Wednesday, July 31st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the pharmaceutical company to reacquire up to 1.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 8,379 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $166.80, for a total value of $1,397,617.20. Following the transaction, the director now owns 7,810 shares in the company, valued at $1,302,708. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David Altshuler sold 12,501 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $186.38, for a total value of $2,329,936.38. Following the completion of the transaction, the executive vice president now owns 35,803 shares in the company, valued at approximately $6,672,963.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,678 shares of company stock worth $6,787,381. Company insiders own 0.70% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. First Quadrant L P CA boosted its stake in shares of Vertex Pharmaceuticals by 196.1% during the second quarter. First Quadrant L P CA now owns 18,664 shares of the pharmaceutical company’s stock valued at $3,423,000 after purchasing an additional 12,360 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Vertex Pharmaceuticals by 13.0% during the second quarter. Bank of New York Mellon Corp now owns 2,578,150 shares of the pharmaceutical company’s stock valued at $472,781,000 after purchasing an additional 296,068 shares in the last quarter. FMR LLC boosted its stake in shares of Vertex Pharmaceuticals by 19.3% during the first quarter. FMR LLC now owns 24,434,159 shares of the pharmaceutical company’s stock valued at $4,494,663,000 after purchasing an additional 3,951,050 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Vertex Pharmaceuticals by 0.5% during the second quarter. Daiwa Securities Group Inc. now owns 11,806 shares of the pharmaceutical company’s stock valued at $2,165,000 after purchasing an additional 61 shares in the last quarter. Finally, Manning & Napier Group LLC boosted its stake in shares of Vertex Pharmaceuticals by 27.5% during the second quarter. Manning & Napier Group LLC now owns 383,264 shares of the pharmaceutical company’s stock valued at $70,281,000 after purchasing an additional 82,670 shares in the last quarter. Hedge funds and other institutional investors own 94.81% of the company’s stock.

About Vertex Pharmaceuticals

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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Analyst Recommendations for Vertex Pharmaceuticals (NASDAQ:VRTX)

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