Vertex Pharmaceuticals (NASDAQ:VRTX) had its price objective hoisted by equities researchers at Piper Jaffray Companies from $217.00 to $230.00 in a report issued on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the pharmaceutical company’s stock. Piper Jaffray Companies’ price target points to a potential upside of 28.93% from the company’s current price.
VRTX has been the topic of a number of other reports. Cowen reaffirmed a “buy” rating and set a $220.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, April 30th. HC Wainwright reaffirmed a “buy” rating and set a $220.00 price objective on shares of Vertex Pharmaceuticals in a report on Thursday. Evercore ISI started coverage on shares of Vertex Pharmaceuticals in a report on Thursday, April 11th. They set an “in-line” rating and a $183.00 price objective on the stock. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $212.00 price objective on shares of Vertex Pharmaceuticals in a report on Thursday. Finally, Stifel Nicolaus lifted their price objective on shares of Vertex Pharmaceuticals from $205.00 to $211.00 and gave the stock a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $206.63.
NASDAQ VRTX traded down $0.90 during mid-day trading on Thursday, hitting $178.39. The company’s stock had a trading volume of 1,770,628 shares, compared to its average volume of 1,077,029. The firm’s 50 day moving average price is $176.51. Vertex Pharmaceuticals has a twelve month low of $151.80 and a twelve month high of $195.81. The company has a quick ratio of 3.66, a current ratio of 3.78 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $42.67 billion, a price-to-earnings ratio of 46.28, a price-to-earnings-growth ratio of 2.41 and a beta of 1.41.
Vertex Pharmaceuticals declared that its Board of Directors has authorized a share buyback program on Wednesday, July 31st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the pharmaceutical company to purchase up to 1.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In related news, CEO Jeffrey M. Leiden sold 113,432 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $175.10, for a total value of $19,861,943.20. Following the transaction, the chief executive officer now directly owns 219,719 shares of the company’s stock, valued at approximately $38,472,796.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jeffrey M. Leiden sold 33,058 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $175.01, for a total transaction of $5,785,480.58. Following the completion of the transaction, the chief executive officer now directly owns 136,953 shares in the company, valued at $23,968,144.53. The disclosure for this sale can be found here. Insiders sold a total of 212,203 shares of company stock worth $37,191,590 over the last three months. 0.70% of the stock is owned by insiders.
Several large investors have recently modified their holdings of VRTX. Next Capital Management LLC raised its stake in Vertex Pharmaceuticals by 84.4% in the 2nd quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock valued at $30,000 after acquiring an additional 76 shares during the period. Evolution Wealth Advisors LLC bought a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at about $32,000. FTB Advisors Inc. raised its stake in Vertex Pharmaceuticals by 1,618.2% in the 1st quarter. FTB Advisors Inc. now owns 189 shares of the pharmaceutical company’s stock valued at $35,000 after acquiring an additional 178 shares during the period. Pittenger & Anderson Inc. raised its stake in Vertex Pharmaceuticals by 64.7% in the 1st quarter. Pittenger & Anderson Inc. now owns 191 shares of the pharmaceutical company’s stock valued at $35,000 after acquiring an additional 75 shares during the period. Finally, Thor Advisors LLC bought a new stake in Vertex Pharmaceuticals in the 1st quarter valued at about $37,000. 94.91% of the stock is currently owned by institutional investors.
Vertex Pharmaceuticals Company Profile
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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