Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded to “Hold” at BidaskClub

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

A number of other equities analysts have also recently weighed in on the company. ValuEngine cut Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Friday, July 26th. Cowen set a $220.00 price objective on Vertex Pharmaceuticals and gave the company a buy rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. reissued a buy rating and set a $212.00 price objective on shares of Vertex Pharmaceuticals in a report on Thursday, August 1st. Piper Jaffray Companies raised their price objective on Vertex Pharmaceuticals from $217.00 to $230.00 and gave the company an overweight rating in a report on Thursday, August 1st. Finally, Needham & Company LLC cut Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Thursday, August 1st. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. Vertex Pharmaceuticals currently has an average rating of Buy and a consensus price target of $206.63.

Shares of NASDAQ VRTX opened at $176.94 on Tuesday. The stock has a market cap of $45.69 billion, a PE ratio of 62.52, a price-to-earnings-growth ratio of 2.58 and a beta of 1.40. The company has a current ratio of 3.74, a quick ratio of 3.63 and a debt-to-equity ratio of 0.12. Vertex Pharmaceuticals has a 1-year low of $151.80 and a 1-year high of $195.81. The firm’s 50-day moving average price is $176.98.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.24. The company had revenue of $941.29 million for the quarter, compared to analysts’ expectations of $884.66 million. Vertex Pharmaceuticals had a return on equity of 21.73% and a net margin of 64.13%. Vertex Pharmaceuticals’s revenue for the quarter was up 25.1% compared to the same quarter last year. During the same period last year, the firm posted $0.94 EPS. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals will post 3.38 earnings per share for the current fiscal year.

Vertex Pharmaceuticals declared that its Board of Directors has approved 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 of directors believes its shares are undervalued.

In other news, CMO Reshma Kewalramani sold 241 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $165.41, for a total value of $39,863.81. Following the sale, the chief marketing officer now directly owns 13,736 shares in the company, valued at approximately $2,272,071.76. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Stuart A. Arbuckle sold 2,125 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $181.89, for a total value of $386,516.25. Following the completion of the sale, the executive vice president now owns 35,365 shares in the company, valued at $6,432,539.85. The disclosure for this sale can be found here. Insiders sold a total of 183,630 shares of company stock worth $32,197,628 over the last ninety days. Insiders own 0.70% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Daiwa Securities Group Inc. grew its position in shares of Vertex Pharmaceuticals by 0.5% in the 2nd quarter. Daiwa Securities Group Inc. now owns 11,806 shares of the pharmaceutical company’s stock worth $2,165,000 after buying an additional 61 shares during the last quarter. Covenant Asset Management LLC grew its position in shares of Vertex Pharmaceuticals by 0.4% in the 1st quarter. Covenant Asset Management LLC now owns 18,115 shares of the pharmaceutical company’s stock worth $3,332,000 after buying an additional 66 shares during the last quarter. Signaturefd LLC grew its position in shares of Vertex Pharmaceuticals by 7.6% in the 2nd quarter. Signaturefd LLC now owns 1,016 shares of the pharmaceutical company’s stock worth $186,000 after buying an additional 72 shares during the last quarter. ETF Managers Group LLC grew its position in shares of Vertex Pharmaceuticals by 9.1% in the 1st quarter. ETF Managers Group LLC now owns 877 shares of the pharmaceutical company’s stock worth $161,000 after buying an additional 73 shares during the last quarter. Finally, Pittenger & Anderson Inc. grew its position in shares of Vertex Pharmaceuticals by 64.7% in the 1st quarter. Pittenger & Anderson Inc. now owns 191 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 75 shares during the last quarter. Hedge funds and other institutional investors own 95.02% 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.

Featured Story: Blockchain

Analyst Recommendations for Vertex Pharmaceuticals (NASDAQ:VRTX)

Receive News & Ratings for Vertex Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Vertex Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.