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Vertex Pharmaceuticals (VRTX) Just Reclaimed the 200-Day Moving Average
From a technical perspective, Vertex Pharmaceuticals (VRTX - Free Report) is looking like an interesting pick, as it just reached a key level of support. VRTX recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, VRTX has gained 8.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider VRTX's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 12 higher, while the consensus estimate has increased too.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on VRTX for more gains in the near future.