Vertex Pharmaceuticals (NASDAQ: VRTX) Vertex Pharmaceuticals, Inc. is a global biotechnology company, which engages in the business of discovering, developing, manufacturing, and commercializing small molecule drugs for patients with serious diseases. The firm focuses on development and commercializing therapies for the treatment of cystic fibrosis, infectious diseases including viral infections such as influenza and bacterial infections.
Is VRTX a Wise Pick to Add in Portfolio?
VRTX stock is in a strong uptrend and performed well in the past few months. Furthermore, the stock is trading in the bullish trajectory, highlighting bullish dominance. However, the short positions were trapped and the stock showcased the short covering price moves per the option chain data.
At press time, VRTX stock price was $385.76 with an intraday gain of 2.54% showing bullishness on the charts. Moreover, the trading volume increased by 1.67% to 1.999 Million while the market cap is $99.563 Billion. Furthermore, analysts have maintained a buy rating with a yearly target price of $394.52 suggesting a growth outlook for the next sessions.
VRTX Stock Price Prediction 2023
On the daily charts, VRTX stock depicts a rising parallel channel which it broke out of. The price action indicates strong buying interest on the occasion of the Q3 2023 results. The stock showcased follow on buying action over the last three consecutive sessions.
The RSI curve stayed in the overbought zone and formed a positive crossover on the charts.
The MACD indicator shows a bullish crossover and green bars on the histogram suggesting a positive outlook for the upcoming sessions. Per the ongoing trend, VRTX stock will soon reach the round mark of $400 followed by $410 in the next few weeks.
VRTX Stock Price Prediction 2024
On the monthly charts, VRTX stock has surpassed the resistance zone of $380 as the buyers accumulate. Furthermore, the price action signifies the fresh long build up, showcasing bullish dominance. The chart showcases follow-on buying action and increasing gains.
Per the technicals, VRTX stock has persisted in forming higher highs and rewarding investors. If the bulls continue to charge, VRTX stock would have the potential to reach a maximum of $450 followed by $460. However, if the stock falls below $350, the stock will retest the round mark of $300 soon.
VRTX Stock Price Prediction 2025
On the 6 months chart, VRTX stock shows a rising parallel channel and persisted in accumulating the gains. Moreover, the price action shows the bullish marubozu candlestick throughout the year.
The stock is trading above the 61.8% Fibonacci retracement level and is close to the upper bollinger band. Per the ongoing trend, VRTX stock will reach the maximum of $450 by 2025 and will continue to perform well. On the contrary, VRTX stock has a limited downside risk of $280 in the next few years.
Summary
VRTX stock price is above the significant moving averages and has persisted in riding the gains amid the weak market sentiments. Furthermore, the stock continued to be bullish as investors persisted in adding long positions.
Technical Levels
Support Levels: $370 and $350
Resistance Levels: $400 and $420
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/07/vrtx-stock-price-prediction-2023-2024-2025-vrtx-delivers-sensational-move/