Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded to “Buy” at BidaskClub
VRTX has been the subject of a number of other reports. Goldman Sachs Group reiterated a buy rating and issued a $220.00 price target on shares of Vertex Pharmaceuticals in a research note on Thursday, May 23rd. Citigroup restated a buy rating and issued a $205.00 price objective on shares of Vertex Pharmaceuticals in a research note on Thursday, May 23rd. ValuEngine upgraded Vertex Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. restated a buy rating and issued a $212.00 price objective on shares of Vertex Pharmaceuticals in a research note on Thursday, August 1st. Finally, Maxim Group restated a hold rating on shares of Vertex Pharmaceuticals in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company’s stock. Vertex Pharmaceuticals currently has a consensus rating of Buy and a consensus price target of $206.95.
Vertex Pharmaceuticals stock opened at $184.24 on Tuesday. The stock has a 50-day moving average of $177.47 and a two-hundred day moving average of $178.46. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.63 and a current ratio of 3.74. Vertex Pharmaceuticals has a one year low of $151.80 and a one year high of $195.81. The stock has a market cap of $48.09 billion, a PE ratio of 65.10, a price-to-earnings-growth ratio of 2.44 and a beta of 1.40.
Vertex Pharmaceuticals declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, July 31st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the pharmaceutical company to purchase up to 1.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
In related news, CEO Jeffrey M. Leiden sold 56,030 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $175.39, for a total transaction of $9,827,101.70. Following the completion of the transaction, the chief executive officer now directly owns 162,317 shares in the company, valued at $28,468,778.63. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sangeeta N. Bhatia sold 720 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $167.08, for a total value of $120,297.60. Following the transaction, the director now owns 7,260 shares of the company’s stock, valued at $1,213,000.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,361 shares of company stock valued at $16,825,553. 0.70% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in VRTX. Next Capital Management LLC raised its position in Vertex Pharmaceuticals by 84.4% during the second 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 in the last quarter. Evolution Wealth Advisors LLC purchased a new position in Vertex Pharmaceuticals during the second quarter valued at approximately $32,000. Patriot Financial Group Insurance Agency LLC raised its position in Vertex Pharmaceuticals by 118.5% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 177 shares of the pharmaceutical company’s stock valued at $32,000 after acquiring an additional 96 shares in the last quarter. FTB Advisors Inc. raised its position in Vertex Pharmaceuticals by 1,618.2% during the first quarter. FTB Advisors Inc. now owns 189 shares of the pharmaceutical company’s stock valued at $35,000 after acquiring an additional 178 shares in the last quarter. Finally, Pittenger & Anderson Inc. raised its position in Vertex Pharmaceuticals by 64.7% during the first quarter. Pittenger & Anderson Inc. now owns 191 shares of the pharmaceutical company’s stock valued at $35,000 after acquiring an additional 75 shares in the last quarter. Institutional investors own 94.00% of the company’s stock.
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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