8,423 Shares in Vertex Pharmaceuticals Incorporated $VRTX Acquired by Notis McConarty Edward

Key Points

• Notis McConarty Edward acquired 8,423 Vertex shares worth approximately $4.18 million in the second quarter, while institutional investors collectively own 90.96% of the company.
• Analysts remain broadly bullish, with one Strong Buy, 20 Buy, and three Hold ratings; Vertex has an average price target of $563.50.
• Vertex shares opened at $552.06 after rising 4.5%. The company reported quarterly revenue of $3.33 billion, up 12.5% year over year, though earnings of $4.73 per share narrowly missed estimates.

Notis McConarty Edward bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,423 shares of the pharmaceutical company's stock, valued at approximately $4,184,000. Vertex Pharmaceuticals accounts for about 1.8% of Notis McConarty Edward's investment portfolio, making the stock its 21st biggest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Somerville Kurt F purchased a new position in Vertex Pharmaceuticals during the second quarter worth approximately $8,167,000. Puzo Michael J purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at $7,901,000. CM Wealth Advisors LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at $214,000. Madison Asset Management LLC acquired a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth $14,555,000. Finally, Csenge Advisory Group acquired a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth $254,000. Institutional investors and hedge funds own 90.96% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings upgraded Vertex Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 5th. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, July 29th. Cantor Fitzgerald lifted their price objective on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. TD Cowen boosted their target price on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada increased their target price on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Vertex Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $563.50.

Insider Activity

In related news, EVP Ourania Tatsis sold 1,500 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the sale, the executive vice president directly owned 45,321 shares in the company, valued at approximately $23,793,071.79. This trade represents a 3.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 that occurred on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the transaction, the executive vice president directly owned 11,001 shares in the company, valued at $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. 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 quarter, insiders sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Trading Up 4.5%

Shares of NASDAQ VRTX opened at $552.06 on Thursday. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $553.69. The company has a market cap of $140.11 billion, a P/E ratio of 32.13, a P/E/G ratio of 2.19 and a beta of 0.30. The stock has a fifty day moving average price of $488.69 and a 200 day moving average price of $464.85.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $3.33 billion during 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 company's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $4.52 earnings per share. On average, sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

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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