Bamco Inc. NY Invests $2.98 Million in Vertex Pharmaceuticals Incorporated $VRTX

Bamco Inc. NY bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,000 shares of the pharmaceutical company's stock, valued at approximately $2,980,000.

Several other institutional investors and hedge funds have also modified their holdings of VRTX. Community Financial Services Group LLC purchased a new position in Vertex Pharmaceuticals in the second quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth about $26,000. Motiv8 Investments LLC purchased a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $26,000. Elevation Wealth Partners LLC grew its stake in shares of Vertex Pharmaceuticals by 103.7% in the second quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after buying an additional 28 shares in the last quarter. Finally, Swiss RE Ltd. acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Trading Up 0.0%

VRTX stock opened at $547.55 on Friday. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $555.69. The company has a market capitalization of $138.97 billion, a price-to-earnings ratio of 31.87, a price-to-earnings-growth ratio of 2.38 and a beta of 0.30. The firm's 50-day moving average is $500.28 and its two-hundred day moving average is $468.15.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.74 by ($0.01). The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $4.52 EPS. On average, equities research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Duncan Mckechnie sold 1,541 shares of Vertex Pharmaceuticals stock in a transaction dated 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 owned 11,001 shares of the company's stock, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of the business's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the sale, the chief marketing officer owned 16,953 shares in the company, valued at $7,628,850. This represents a 19.33% 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. Insiders sold 10,464 shares of company stock worth $4,959,397 in the last quarter. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on VRTX shares. Barclays upped their price target on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Truist Financial lifted their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Weiss Ratings lowered shares of Vertex Pharmaceuticals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday. TD Cowen upped their price target on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Finally, UBS Group raised their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a report on Monday, July 13th. One investment 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 company's stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $563.50.

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.

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