Norway Savings Bank Purchases New Shares in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Norway Savings Bank bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 145 shares of the pharmaceutical company’s stock, valued at approximately $39,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cornerstone Advisors LLC grew its position in shares of Vertex Pharmaceuticals by 53.8% in the second quarter. Cornerstone Advisors LLC now owns 20,000 shares of the pharmaceutical company’s stock valued at $5,806,000 after purchasing an additional 7,000 shares during the period. First Citizens Bank & Trust Co. grew its position in shares of Vertex Pharmaceuticals by 54.5% in the second quarter. First Citizens Bank & Trust Co. now owns 13,336 shares of the pharmaceutical company’s stock valued at $3,872,000 after purchasing an additional 4,706 shares during the period. Nordea Investment Management AB grew its position in shares of Vertex Pharmaceuticals by 200.2% in the second quarter. Nordea Investment Management AB now owns 179,992 shares of the pharmaceutical company’s stock valued at $51,664,000 after purchasing an additional 120,034 shares during the period. AMF Pensionsforsakring AB grew its position in shares of Vertex Pharmaceuticals by 3.2% in the second quarter. AMF Pensionsforsakring AB now owns 341,716 shares of the pharmaceutical company’s stock valued at $99,204,000 after purchasing an additional 10,631 shares during the period. Finally, Chesley Taft & Associates LLC grew its position in shares of Vertex Pharmaceuticals by 383.7% in the second quarter. Chesley Taft & Associates LLC now owns 9,757 shares of the pharmaceutical company’s stock valued at $2,833,000 after purchasing an additional 7,740 shares during the period. Institutional investors and hedge funds own 92.17% of the company’s stock.

Several research firms have recently weighed in on VRTX. Morgan Stanley decreased their price target on shares of Vertex Pharmaceuticals from $300.00 to $281.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 13th. Cowen boosted their price objective on shares of Vertex Pharmaceuticals from $265.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Jefferies Financial Group upped their price objective on shares of Vertex Pharmaceuticals from $295.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Piper Sandler upped their price objective on shares of Vertex Pharmaceuticals from $302.00 to $327.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Finally, Maxim Group restated a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Friday, September 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $295.19.

In related news, Director Sangeeta N. Bhatia sold 10,516 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $266.79, for a total value of $2,805,563.64. Following the transaction, the director now owns 14,424 shares in the company, valued at $3,848,178.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Amit Sachdev sold 1,941 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $278.28, for a total transaction of $540,141.48. Following the completion of the sale, the executive vice president now directly owns 37,044 shares of the company’s stock, valued at approximately $10,308,604.32. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

NASDAQ:VRTX opened at $218.08 on Friday. The firm has a market cap of $56.80 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 1.54 and a beta of 0.85. The company has a current ratio of 3.72, a quick ratio of 3.60 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average is $266.39 and its two-hundred day moving average is $271.82. Vertex Pharmaceuticals Incorporated has a 12-month low of $174.82 and a 12-month high of $306.08.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Thursday, July 30th. The pharmaceutical company reported $2.61 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.75 by $0.86. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.41 billion. Vertex Pharmaceuticals had a net margin of 38.51% and a return on equity of 28.55%. On average, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 8.46 earnings per share for the current fiscal year.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.

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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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