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History Says Bull Should Bet On This Pharma Giant - Forbes

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Date: 2023-01-12 03:29:19

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Shares of Vertex Pharmaceuticals (VRTX) have been in recovery mode since suffering a rapid fall from their Dec. 8 record peak of $324.75. The improvement has been slow but steady, mostly due to a floor of support that was recently procured at the $285 level. Even further gains could be in store, however, as VRTX has come within a chip-shot of a historically bullish trendline on the charts.

Specifically, Vertex Pharmaceuticals stock has come within one deviation of its 200-day moving average. According to Schaeffer's Senior Quantitative Analyst Rocky White's latest study, the equity has seen three similar signals in the last three years, and was higher one month later all three times, averaging a 13.2% gain. With VRTX last seen trading at $290.36, a move of similar magnitude would place the stock just below $330 — fresh record-high territory.

Even better for bulls, options are looking attractively priced at the moment. This per its Schaeffer's Volatility Index (SVI) of 24%, which stands in the 16th percentile of its annual range.

Daily chart of VRTX since July 2022 with 200-day moving average

Refinitiv Eikon

Original Source: https://www.forbes.com/sites/greatspeculations/2023/01/11/history-says-bull-should-bet-on-this-pharma-giant/