Needham Believes Vertex Pharmaceuticals (NASDAQ: VRTX) Won’t Stop Here

By Austin Angelo

In a report issued on September 15, Alan Carr from Needham reiterated a Buy rating on Vertex Pharmaceuticals (NASDAQ: VRTX), with a price target of $195. The company’s shares closed on Friday at $153.61, close to its 52-week high of $167.86.

According to TipRanks.com, Carr is a 4-star analyst with an average return of 7.3% and a 44.3% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Ionis Pharmaceuticals Inc.

Currently, the analyst consensus on Vertex Pharmaceuticals is Strong Buy and the average price target is $179.50, representing a 16.9% upside.

In a report issued on September 6, Robert W. Baird also reiterated a Buy rating on the stock with a $186 price target.

Based on Vertex Pharmaceuticals’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $544 million and quarterly net profit of $17.97 million. In comparison, last year the company earned revenue of $432 million and had a GAAP net loss of $64.53 million.

Based on the recent corporate insider activity of 98 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VRTX in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Vertex Pharmaceuticals, Inc. engages in the business of discovering, developing, manufacturing and commercializing small molecule drugs for patients with serious diseases. It focuses on development and commercializing therapies for the treatment of cystic fibrosis; infectious diseases, including viral infections, such as influenza, and bacterial infections; autoimmune diseases, such as rheumatoid arthritis; cancer, inflammatory bowel disease; and neurological disorders, including pain, Huntington’s disease and multiple sclerosis. The company was founded by Joshua S. Boger in 1989 and is headquartered in Boston, MA.