Royal Bank of Canada Forecasts Strong Price Appreciation for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals (NASDAQ:VRTX) had its price target hoisted by Royal Bank of Canada from $402.00 to $407.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the pharmaceutical company’s stock. Royal Bank of Canada’s target price would indicate a potential downside of 10.19% from the stock’s previous close.

A number of other brokerages have also weighed in on VRTX. Citigroup initiated coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, November 14th. They issued a “buy” rating and a $575.00 price target on the stock. Barclays lifted their target price on Vertex Pharmaceuticals from $435.00 to $467.00 and gave the company an “equal weight” rating in a research report on Tuesday. Bank of America decreased their price target on shares of Vertex Pharmaceuticals from $545.00 to $522.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. UBS Group increased their target price on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Finally, Truist Financial cut their price target on shares of Vertex Pharmaceuticals from $550.00 to $460.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Ten research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $505.96.

Vertex Pharmaceuticals Trading Down 0.4 %

Shares of Vertex Pharmaceuticals stock opened at $453.20 on Tuesday. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $116.71 billion, a P/E ratio of -227.74, a price-to-earnings-growth ratio of 1.80 and a beta of 0.41. Vertex Pharmaceuticals has a 12-month low of $377.85 and a 12-month high of $519.88. The company has a 50-day simple moving average of $435.91 and a 200 day simple moving average of $461.85.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing the consensus estimate of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. Research analysts expect that Vertex Pharmaceuticals will post -1.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 310 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $459.83, for a total value of $142,547.30. Following the completion of the transaction, the executive vice president now owns 64,021 shares in the company, valued at $29,438,776.43. This trade represents a 0.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Northwest Investment Counselors LLC bought a new stake in Vertex Pharmaceuticals in the third quarter worth $25,000. Highline Wealth Partners LLC bought a new position in Vertex Pharmaceuticals during the 3rd quarter worth approximately $27,000. Dunhill Financial LLC increased its stake in Vertex Pharmaceuticals by 70.6% in the 3rd quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 24 shares during the period. Brown Lisle Cummings Inc. bought a new stake in Vertex Pharmaceuticals in the fourth quarter valued at approximately $30,000. Finally, Legacy Investment Solutions LLC purchased a new stake in shares of Vertex Pharmaceuticals during the third quarter valued at approximately $33,000. Institutional investors own 90.96% of the company’s stock.

About Vertex Pharmaceuticals

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.