Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded to Buy by Maxim Group

Vertex Pharmaceuticals (NASDAQ:VRTXGet Rating) was upgraded by research analysts at Maxim Group from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, The Fly reports.

A number of other equities analysts also recently commented on VRTX. SVB Leerink assumed coverage on Vertex Pharmaceuticals in a research note on Monday, May 23rd. They issued a “market perform” rating and a $265.00 price target for the company. Oppenheimer lifted their price target on Vertex Pharmaceuticals from $305.00 to $350.00 in a research note on Monday, April 4th. UBS Group lifted their target price on Vertex Pharmaceuticals from $258.00 to $325.00 in a research note on Wednesday, April 13th. Morgan Stanley upgraded Vertex Pharmaceuticals from an “underweight” rating to an “equal weight” rating and set a $250.00 target price for the company in a research note on Tuesday, May 3rd. Finally, Piper Sandler decreased their target price on Vertex Pharmaceuticals from $249.00 to $242.00 in a research note on Friday, May 6th. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of “Buy” and an average target price of $278.10.

Shares of Vertex Pharmaceuticals stock opened at $268.65 on Wednesday. The business has a 50-day moving average of $265.95 and a 200-day moving average of $238.38. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.75 and a quick ratio of 4.60. The company has a market capitalization of $68.71 billion, a PE ratio of 28.28, a P/E/G ratio of 2.02 and a beta of 0.55. Vertex Pharmaceuticals has a 1-year low of $176.36 and a 1-year high of $292.75.

Vertex Pharmaceuticals (NASDAQ:VRTXGet Rating) last announced its earnings results on Thursday, May 5th. The pharmaceutical company reported $3.16 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.01). The business had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.07 billion. Vertex Pharmaceuticals had a net margin of 30.84% and a return on equity of 32.24%. The firm’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.54 earnings per share. On average, equities analysts expect that Vertex Pharmaceuticals will post 12.47 earnings per share for the current fiscal year.

In related news, CFO Charles F. Wagner, Jr. sold 3,171 shares of the stock in a transaction on Thursday, March 17th. The stock was sold at an average price of $250.15, for a total value of $793,225.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ourania Tatsis sold 2,833 shares of the business’s stock in a transaction dated Thursday, March 17th. The stock was sold at an average price of $250.11, for a total value of $708,561.63. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,687 shares of company stock worth $11,729,432. 0.40% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Concord Wealth Partners boosted its holdings in shares of Vertex Pharmaceuticals by 750.0% in the fourth quarter. Concord Wealth Partners now owns 119 shares of the pharmaceutical company’s stock worth $26,000 after buying an additional 105 shares during the period. First PREMIER Bank acquired a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth about $27,000. Moors & Cabot Inc. acquired a new stake in shares of Vertex Pharmaceuticals during the third quarter worth approximately $29,000. JJJ Advisors Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 101.5% during the fourth quarter. JJJ Advisors Inc. now owns 133 shares of the pharmaceutical company’s stock worth $29,000 after purchasing an additional 67 shares during the period. Finally, Trustcore Financial Services LLC boosted its holdings in shares of Vertex Pharmaceuticals by 53.8% during the fourth quarter. Trustcore Financial Services LLC now owns 143 shares of the pharmaceutical company’s stock worth $31,000 after purchasing an additional 50 shares during the period. Institutional investors own 89.84% of the company’s stock.

About Vertex Pharmaceuticals (Get Rating)

Vertex Pharmaceuticals Incorporated, a biotechnology company, 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; and TRIKAFTA for the treatment of patients with CF 6 years of age or older who have at least one F508del mutation.

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