Vertex Pharmaceuticals (NASDAQ:VRTX) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Vertex Pharmaceuticals (NASDAQ:VRTX) from an equal weight rating to an overweight rating in a report issued on Wednesday, Marketbeat reports. They currently have $516.00 price target on the pharmaceutical company’s stock, up from their previous price target of $438.00.

Other equities research analysts have also recently issued research reports about the company. Canaccord Genuity Group dropped their target price on Vertex Pharmaceuticals from $424.00 to $411.00 and set a “hold” rating on the stock in a report on Wednesday, August 6th. Stifel Nicolaus dropped their price objective on Vertex Pharmaceuticals from $455.00 to $445.00 and set a “hold” rating on the stock in a research note on Tuesday, November 4th. UBS Group cut their price objective on Vertex Pharmaceuticals from $553.00 to $546.00 and set a “buy” rating for the company in a report on Friday, November 7th. Guggenheim lowered their target price on Vertex Pharmaceuticals from $558.00 to $546.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Finally, Scotiabank assumed coverage on shares of Vertex Pharmaceuticals in a research report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $498.25.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $455.48 on Wednesday. Vertex Pharmaceuticals has a one year low of $362.50 and a one year high of $519.68. The stock’s fifty day moving average is $422.14 and its 200-day moving average is $425.52. The firm has a market capitalization of $115.56 billion, a price-to-earnings ratio of 32.12 and a beta of 0.32.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 EPS for the quarter, beating the consensus estimate of $4.58 by $0.22. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter last year, the company earned $4.38 EPS. Vertex Pharmaceuticals’s quarterly revenue was up 11.0% on a year-over-year basis. Analysts forecast that Vertex Pharmaceuticals will post 15.63 EPS for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Charles F. Wagner, Jr. sold 14,000 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the completion of the sale, the executive vice president owned 37,725 shares of the company’s stock, valued at $17,202,600. This trade represents a 27.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the completion of the transaction, the chairman directly owned 24,026 shares in the company, valued at $10,792,479.20. This trade represents a 72.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 151,073 shares of company stock valued at $67,326,816 over the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in VRTX. Activest Wealth Management acquired a new position in Vertex Pharmaceuticals during the first quarter valued at approximately $25,000. Chesapeake Asset Management LLC boosted its holdings in shares of Vertex Pharmaceuticals by 110.0% during the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after buying an additional 33 shares during the period. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Vertex Pharmaceuticals by 450.0% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company’s stock worth $27,000 after buying an additional 45 shares during the period. Access Investment Management LLC acquired a new position in Vertex Pharmaceuticals in the 2nd quarter valued at $27,000. Finally, Colonial Trust Co SC raised its holdings in Vertex Pharmaceuticals by 118.8% in the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 38 shares during the period. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.