17,047 Shares in Vertex Pharmaceuticals Incorporated $VRTX Acquired by Beacon Pointe Advisors LLC

Key Points

• Beacon Pointe Advisors acquired 17,047 Vertex Pharmaceuticals shares worth approximately $8.5 million in the second quarter. Institutional investors own 90.96% of VRTX.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, though earnings of $4.73 per share narrowly missed analyst expectations. Shares opened at $541.69, near their 12-month high.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $563.50; several firms recently raised their targets, including UBS to $585 and Morgan Stanley to $616.

Beacon Pointe Advisors LLC purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 17,047 shares of the pharmaceutical company's stock, valued at approximately $8,466,000.

A number of other hedge funds have also recently made changes to their positions in VRTX. BlackRock Inc. bought a new stake in Vertex Pharmaceuticals during the second quarter valued at approximately $11,975,849,000. Capital Research Global Investors lifted its holdings in shares of Vertex Pharmaceuticals by 4.6% during the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company's stock worth $7,850,544,000 after acquiring an additional 763,063 shares during the last quarter. State Street Corp increased its stake in Vertex Pharmaceuticals by 0.7% in the fourth quarter. State Street Corp now owns 11,689,539 shares of the pharmaceutical company's stock valued at $5,299,569,000 after acquiring an additional 83,539 shares during the last quarter. Capital International Investors raised its position in Vertex Pharmaceuticals by 0.9% during the fourth quarter. Capital International Investors now owns 4,733,596 shares of the pharmaceutical company's stock valued at $2,146,041,000 after purchasing an additional 44,537 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Vertex Pharmaceuticals by 49.4% during the fourth quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company's stock valued at $1,521,851,000 after purchasing an additional 1,109,200 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Down 1.1%

Shares of VRTX opened at $541.69 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.69. The company has a market capitalization of $137.48 billion, a P/E ratio of 31.53, a price-to-earnings-growth ratio of 2.38 and a beta of 0.30. The firm has a 50 day moving average of $502.08 and a 200 day moving average of $468.67.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its 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). The business had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.52 earnings per share. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Duncan Mckechnie sold 1,541 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 11,001 shares in the company, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 Vertex Pharmaceuticals 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 completion of the sale, the executive vice president directly owned 45,321 shares of the company's stock, valued at approximately $23,793,071.79. This trade represents a 3.20% 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 have sold 10,464 shares of company stock valued at $4,959,397 over the last ninety days. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VRTX shares. Royal Bank Of Canada upped their price objective on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Truist Financial upped their target price on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. UBS Group increased their price target on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Finally, Morgan Stanley boosted their price objective on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $563.50.

Vertex Pharmaceuticals 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.

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