Bleakley Financial Group LLC Makes New $7.07 Million Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Bleakley Financial Group opened a new position in Vertex Pharmaceuticals, buying 15,594 shares valued at about $7.07 million in the fourth quarter.
• Vertex reported strong quarterly results, with EPS of $4.47 beating estimates and revenue of $2.99 billion, up 8.3% from a year ago.
• Analyst sentiment remains positive: Vertex has a Moderate Buy consensus with an average price target of $555.17, while several firms recently raised targets or reiterated bullish ratings.

Bleakley Financial Group LLC acquired a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,594 shares of the pharmaceutical company's stock, valued at approximately $7,070,000.

Several other institutional investors have also added to or reduced their stakes in VRTX. Brighton Jones LLC increased its stake in shares of Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after acquiring an additional 579 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in shares of Vertex Pharmaceuticals in the 2nd quarter worth about $228,000. NewEdge Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 9.0% in the 2nd quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company's stock worth $5,311,000 after acquiring an additional 986 shares in the last quarter. ICW Investment Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 5.0% in the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock worth $269,000 after acquiring an additional 29 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its stake in shares of Vertex Pharmaceuticals by 26.3% in the 2nd quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company's stock worth $3,246,000 after acquiring an additional 1,518 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Up 0.3%

Shares of NASDAQ VRTX opened at $435.93 on Wednesday. The firm's 50-day moving average price is $440.01 and its 200-day moving average price is $451.25. The company has a market cap of $110.64 billion, a PE ratio of 25.86, a PEG ratio of 1.86 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The business's quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $4.06 EPS. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.97 EPS for the current fiscal year.

Analyst Ratings Changes

VRTX has been the subject of several research reports. Morgan Stanley increased their price target on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, May 18th. Stifel Nicolaus increased their price target on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a "hold" rating in a research note on Friday, February 13th. HC Wainwright increased their price target on shares of Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $590.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $555.17.

Insider Activity

In other news, EVP Joy Liu sold 1,104 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $425.02, for a total transaction of $469,222.08. Following the sale, the executive vice president owned 20,729 shares of the company's stock, valued at $8,810,239.58. This trade represents a 5.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sangeeta N. Bhatia sold 318 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the completion of the transaction, the director directly owned 4,924 shares in the company, valued at approximately $2,086,446.52. The trade was a 6.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,717 shares of company stock valued at $5,309,945 in the last 90 days. 0.20% of the stock is currently owned by insiders.

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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