Allworth Financial LP Has $6.36 Million Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Allworth Financial LP boosted its Vertex Pharmaceuticals stake by 414.1% in the fourth quarter, ending with 14,036 shares valued at about $6.36 million.
• Vertex has continued to attract analyst attention, with several firms maintaining or raising targets; the stock currently carries a Moderate Buy consensus and an average price target of $555.17.
• The company reported better-than-expected quarterly earnings of $4.47 per share, while revenue rose 8.3% year over year to $2.99 billion; however, the stock was trading down about 3% at the time of the report.

Allworth Financial LP increased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 414.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,036 shares of the pharmaceutical company's stock after purchasing an additional 11,306 shares during the period. Allworth Financial LP's holdings in Vertex Pharmaceuticals were worth $6,363,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in VRTX. Colonial Trust Co SC grew its holdings in Vertex Pharmaceuticals by 118.8% in the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 38 shares during the period. Eagle Bay Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at about $29,000. Ares Financial Consulting LLC acquired a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at about $33,000. Archer Investment Corp increased its position in Vertex Pharmaceuticals by 89.7% in the 4th quarter. Archer Investment Corp now owns 74 shares of the pharmaceutical company's stock valued at $34,000 after buying an additional 35 shares in the last quarter. Finally, Y.D. More Investments Ltd raised its stake in Vertex Pharmaceuticals by 345.0% during the 3rd quarter. Y.D. More Investments Ltd now owns 89 shares of the pharmaceutical company's stock worth $35,000 after buying an additional 69 shares during the period. Institutional investors and hedge funds own 90.96% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on VRTX. Weiss Ratings downgraded Vertex Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, April 14th. Jefferies Financial Group began coverage on Vertex Pharmaceuticals in a research note on Tuesday, March 10th. They set a "buy" rating and a $580.00 price target on the stock. Stifel Nicolaus upped their price target on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a "hold" rating in a research note on Friday, February 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $590.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Finally, Barclays upped their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has an average rating of "Moderate Buy" and a consensus target price of $555.17.

Insiders Place Their Bets

In related news, EVP Amit Sachdev sold 58,613 shares of the company's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $468.83, for a total value of $27,479,532.79. Following the transaction, the executive vice president owned 58,934 shares in the company, valued at approximately $27,630,027.22. This represents a 49.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Joy Liu sold 1,104 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $425.02, for a total value of $469,222.08. Following the completion of the transaction, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. The trade was a 5.06% 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 79,802 shares of company stock valued at $37,402,568 in the last quarter. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Trading Down 3.0%

Vertex Pharmaceuticals stock opened at $436.95 on Friday. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $507.92. The business's 50 day simple moving average is $445.56 and its 200 day simple moving average is $450.40. The company has a market cap of $110.90 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 1.93 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating the consensus estimate of $4.24 by $0.23. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter in the prior year, the business earned $4.06 earnings per share. Vertex Pharmaceuticals's revenue for the quarter was up 8.3% on a year-over-year basis. As a group, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.96 earnings per share for the current fiscal year.

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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