11,305 Shares in Vertex Pharmaceuticals Incorporated $VRTX Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,305 shares of the pharmaceutical company’s stock, valued at approximately $5,616,000.

A number of other large investors have also recently bought and sold shares of the stock. Community Financial Services Group LLC purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at $26,000. Meeder Asset Management Inc. purchased a new stake in Vertex Pharmaceuticals during the 2nd quarter worth about $26,000. Motiv8 Investments LLC purchased a new stake in Vertex Pharmaceuticals during the 4th quarter worth about $26,000. Elevation Wealth Partners LLC raised its stake in Vertex Pharmaceuticals by 103.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 28 shares during the last quarter. Finally, Swiss RE Ltd. acquired a new position in Vertex Pharmaceuticals in the 4th quarter valued at about $28,000. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Trading Up 4.5%

NASDAQ VRTX opened at $552.06 on Thursday. The business’s 50-day moving average price is $488.69 and its 200 day moving average price is $464.85. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $553.69. The company has a market capitalization of $140.11 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 2.19 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing the consensus estimate of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.23 billion. During the same quarter last year, the firm earned $4.52 EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VRTX. Stifel Nicolaus set a $500.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday, August 4th. TD Cowen boosted their price objective on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Canaccord Genuity Group upped their price objective on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a research note on Tuesday, August 4th. Barclays raised their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Finally, UBS Group lifted their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 596 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total value of $287,570.00. Following the completion of the sale, the chief marketing officer directly owned 15,337 shares in the company, valued at approximately $7,400,102.50. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the transaction, the executive vice president directly owned 45,321 shares of the company’s stock, valued at $23,793,071.79. This trade represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 10,464 shares of company stock valued at $4,959,397. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Company Profile

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.