Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price lifted by Credit Suisse Group from $209.00 to $213.00 in a research note released on Thursday morning, BenzingaRatingsTable reports. The firm currently has an outperform rating on the pharmaceutical company’s stock.
Several other equities research analysts have also recently weighed in on VRTX. Stifel Nicolaus upped their price target on Vertex Pharmaceuticals from $205.00 to $211.00 and gave the company a buy rating in a research report on Thursday. Evercore ISI initiated coverage on Vertex Pharmaceuticals in a research report on Thursday, April 11th. They set an in-line rating and a $183.00 price target on the stock. BidaskClub cut Vertex Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, July 30th. Needham & Company LLC cut Vertex Pharmaceuticals from a buy rating to a hold rating in a research report on Thursday. They noted that the move was a valuation call. Finally, Citigroup reiterated a buy rating and set a $205.00 price target on shares of Vertex Pharmaceuticals in a research report on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $206.63.
Shares of VRTX opened at $178.39 on Thursday. The firm’s 50-day moving average 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 market capitalization of $45.92 billion, a PE ratio of 49.80, a PEG ratio of 2.59 and a beta of 1.41. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.66 and a current ratio of 2.32.
Vertex Pharmaceuticals declared that its Board of Directors has approved a stock buyback program on Wednesday, July 31st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the pharmaceutical company to reacquire up to 1.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
In other news, 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 owns 136,953 shares of the company’s stock, valued at $23,968,144.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Paul M. Silva sold 161 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $165.41, for a total value of $26,631.01. Following the transaction, the senior vice president now directly owns 17,759 shares of the company’s stock, valued at approximately $2,937,516.19. The disclosure for this sale can be found here. Insiders have sold 212,203 shares of company stock valued at $37,191,590 in the last three months. 0.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its holdings in Vertex Pharmaceuticals by 19.3% in the first quarter. FMR LLC now owns 24,434,159 shares of the pharmaceutical company’s stock worth $4,494,663,000 after purchasing an additional 3,951,050 shares in the last quarter. BlackRock Inc. grew its stake in shares of Vertex Pharmaceuticals by 2.9% in the first quarter. BlackRock Inc. now owns 20,176,298 shares of the pharmaceutical company’s stock worth $3,711,428,000 after acquiring an additional 568,488 shares during the last quarter. GQG Partners LLC purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter worth $94,444,000. Marshall Wace North America L.P. grew its stake in shares of Vertex Pharmaceuticals by 58.4% in the first quarter. Marshall Wace North America L.P. now owns 792,007 shares of the pharmaceutical company’s stock worth $145,690,000 after acquiring an additional 291,952 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Vertex Pharmaceuticals by 37.0% in the second quarter. Janus Henderson Group PLC now owns 1,049,936 shares of the pharmaceutical company’s stock worth $192,537,000 after acquiring an additional 283,447 shares during the last quarter. 94.91% of the stock is owned by institutional investors.
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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