Scotiabank Forecasts Strong Price Appreciation for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price hoisted by Scotiabank from $480.00 to $486.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the pharmaceutical company’s stock. Scotiabank’s price target would indicate a potential downside of 2.78% from the stock’s current price.

A number of other brokerages also recently issued reports on VRTX. Piper Sandler upped their price target on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Morgan Stanley upped their price target on Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a report on Tuesday. Truist Financial reissued a “buy” rating and issued a $550.00 target price (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $480.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday. Finally, JPMorgan Chase & Co. lowered their target price on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Vertex Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $494.63.

Vertex Pharmaceuticals Stock Up 5.7 %

Shares of NASDAQ VRTX traded up $27.08 during trading on Tuesday, reaching $499.88. The company had a trading volume of 1,722,857 shares, compared to its average volume of 1,169,871. Vertex Pharmaceuticals has a 12-month low of $341.90 and a 12-month high of $510.64. The stock has a market cap of $129.02 billion, a PE ratio of -246.25 and a beta of 0.39. The business’s 50-day moving average is $474.73 and its 200 day moving average is $466.76. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. The firm had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.67 earnings per share. As a group, equities analysts forecast that Vertex Pharmaceuticals will post -2.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the transaction, the director now owns 4,435 shares in the company, valued at $2,217,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the transaction, the director now owns 4,435 shares in the company, valued at $2,217,500. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total value of $1,086,990.00. Following the transaction, the chief marketing officer now owns 23,259 shares of the company’s stock, valued at $11,088,728.25. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,710 shares of company stock worth $3,298,206. 0.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Northwest Investment Counselors LLC bought a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter worth approximately $25,000. Highline Wealth Partners LLC bought a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter worth approximately $27,000. GHP Investment Advisors Inc. bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $29,000. Stephens Consulting LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $31,000. Finally, Founders Capital Management lifted its stake in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after acquiring an additional 25 shares during the last quarter. 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.