The board of Boston-based biopharmaceutical company Vertex Pharmaceuticals (VRTX) has approved a $1.5 billion share repurchase program, per the company’s SEC filing.
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Vertex develops drugs to treat neurological disorders, autoimmune diseases, infectious diseases, and cystic fibrosis, among others.
Under the program, which will run until December 2022, the company will buy back shares via private transactions or on the open market. (See Vertex Pharmaceuticals stock chart on TipRanks)
Piper Sandler analyst Edward Tenthoff recently maintained a Buy rating on the stock with a price target of $261 (36% upside potential).
In a research note to investors, Tenthoff said that Vertex’s share repurchase program immediately follows the discontinuation of VX-864 AATD and the company is “investing to find future legs of growth.”
Overall, the stock has a Strong Buy consensus rating based on 19 Buys and 5 Holds. The average Vertex Pharmaceuticals analyst price target of $261.68 implies 36.3% upside potential from current levels. The company’s shares have lost 35% over the past year.
According to TipRanks’ Smart Score rating system, Vertex scores a “Perfect 10”, suggesting that the stock is likely to outperform market averages.
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