NewEdge Wealth LLC raised its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX – Free Report) by 16.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,788 shares of the pharmaceutical company’s stock after purchasing an additional 1,386 shares during the period. NewEdge Wealth LLC’s holdings in Vertex Pharmaceuticals were worth $4,371,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Motiv8 Investments LLC bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth about $26,000. Swiss RE Ltd. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $28,000. Eagle Bay Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $29,000. IMG Wealth Management Inc. grew its position in Vertex Pharmaceuticals by 277.8% during the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock worth $31,000 after buying an additional 50 shares in the last quarter. Finally, Ares Financial Consulting LLC acquired a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $33,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on VRTX shares. Barclays upped their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings raised Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 17th. Sanford C. Bernstein lowered their price objective on Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. Canaccord Genuity Group cut their target price on Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating for the company in a research note on Tuesday, May 5th. Finally, Morgan Stanley raised their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Twenty-two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $559.61.
Vertex Pharmaceuticals Stock Up 0.9%
NASDAQ VRTX opened at $477.36 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $533.67. The stock has a market cap of $121.16 billion, a P/E ratio of 28.31, a PEG ratio of 2.13 and a beta of 0.29. The company’s 50-day simple moving average is $465.77 and its 200 day simple moving average is $459.80.
Vertex Pharmaceuticals (NASDAQ:VRTX – Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $4.06 earnings per share. Research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 17.01 earnings per share for the current year.
Insiders Place Their Bets
In related news, CMO Carmen Bozic sold 6,988 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $450.00, for a total transaction of $3,144,600.00. Following the completion of the transaction, the chief marketing officer owned 26,088 shares in the company, valued at $11,739,600. This trade represents a 21.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the completion of the sale, the executive vice president directly owned 11,001 shares in the company, valued at approximately $5,709,519. This represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,874 shares of company stock worth $8,707,966 in the last 90 days. 0.20% of the stock is owned by corporate insiders.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.
Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.
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