Vertex Pharmaceuticals (NASDAQ:VRTX) Sets New 1-Year High – Still a Buy?

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $555.69 and last traded at $553.1760, with a volume of 294297 shares changing hands. The stock had previously closed at $547.59.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VRTX. Canaccord Genuity Group lifted their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a “hold” rating in a research report on Tuesday, August 4th. Stifel Nicolaus set a $500.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday, August 4th. Morgan Stanley lifted their price objective on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. UBS Group boosted their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $563.50.

Vertex Pharmaceuticals Stock Up 0.9%

The firm has a 50 day moving average price of $494.60 and a 200 day moving average price of $466.46. The stock has a market cap of $140.23 billion, a PE ratio of 32.18, a price-to-earnings-growth ratio of 2.27 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The firm’s revenue was up 12.5% compared to the same quarter last year. During the same period last year, the company earned $4.52 earnings per share. Equities analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Insider Activity

In related news, EVP Duncan Mckechnie sold 1,541 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the transaction, the executive vice president directly owned 11,001 shares of the company’s stock, valued at $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the transaction, the executive vice president directly owned 45,321 shares of the company’s stock, valued at $23,793,071.79. This trade represents a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 10,464 shares of company stock worth $4,959,397. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Vertex Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Community Financial Services Group LLC bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in shares of Vertex Pharmaceuticals during the second quarter valued at about $26,000. Motiv8 Investments LLC purchased a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at approximately $26,000. Elevation Wealth Partners LLC boosted its stake in Vertex Pharmaceuticals by 103.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 28 shares in the last quarter. Finally, Swiss RE Ltd. acquired a new stake in Vertex Pharmaceuticals in the 4th quarter worth approximately $28,000. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.