Citizens Financial Group Inc. RI Purchases 6,421 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Citizens Financial Group increased its stake in Vertex Pharmaceuticals by 14.8% in the first quarter, buying 6,421 additional shares. The firm now owns 49,824 shares valued at about $22.25 million.
• Vertex reported better-than-expected quarterly earnings of $4.47 per share, topping consensus estimates, while revenue came in at $2.99 billion. Revenue rose 8.3% from a year earlier, and analysts expect full-year EPS of 17.07.
• Despite the solid results, the stock traded lower on Friday and insider selling continued, including recent share sales by the company’s CMO and EVP. Analysts remain broadly constructive, with a consensus rating of Moderate Buy and an average price target of $557.09.

Citizens Financial Group Inc. RI raised its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 14.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,824 shares of the pharmaceutical company's stock after buying an additional 6,421 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Vertex Pharmaceuticals were worth $22,249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp grew its holdings in Vertex Pharmaceuticals by 299.4% in the first quarter. Fifth Third Bancorp now owns 88,499 shares of the pharmaceutical company's stock worth $39,519,000 after purchasing an additional 66,341 shares during the period. Sovran Advisors LLC lifted its holdings in shares of Vertex Pharmaceuticals by 67.1% during the first quarter. Sovran Advisors LLC now owns 1,392 shares of the pharmaceutical company's stock valued at $595,000 after purchasing an additional 559 shares during the last quarter. Simplicity Wealth LLC lifted its holdings in shares of Vertex Pharmaceuticals by 16.7% during the first quarter. Simplicity Wealth LLC now owns 2,821 shares of the pharmaceutical company's stock valued at $1,260,000 after purchasing an additional 403 shares during the last quarter. Candriam S.C.A. boosted its position in shares of Vertex Pharmaceuticals by 1.6% in the 1st quarter. Candriam S.C.A. now owns 228,915 shares of the pharmaceutical company's stock worth $102,220,000 after purchasing an additional 3,623 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Vertex Pharmaceuticals by 9.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 14,898 shares of the pharmaceutical company's stock worth $6,653,000 after buying an additional 1,302 shares during the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock traded down $11.11 during trading hours on Friday, reaching $485.39. The company had a trading volume of 1,430,186 shares, compared to its average volume of 1,935,645. The business has a fifty day moving average price of $457.12 and a 200-day moving average price of $458.33. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $533.67. The firm has a market cap of $123.19 billion, a PE ratio of 28.79, a price-to-earnings-growth ratio of 2.07 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share for the quarter, beating analysts' consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company 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 firm earned $4.06 earnings per share. The firm's revenue for the quarter was up 8.3% compared to the same quarter last year. Equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 17.07 EPS for the current year.

Insider Transactions at Vertex Pharmaceuticals

In related news, CMO Carmen Bozic sold 6,988 shares of Vertex Pharmaceuticals stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $450.00, for a total value of $3,144,600.00. Following the completion of the sale, the chief marketing officer owned 26,088 shares of the company's stock, valued at $11,739,600. The trade was a 21.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 company's stock in a transaction 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 of the company's stock, valued at approximately $5,709,519. This trade represents a 12.29% 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. Over the last quarter, insiders sold 18,874 shares of company stock worth $8,707,966. Company insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Canaccord Genuity Group reduced their price objective on Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating for the company in a research report on Tuesday, May 5th. Barclays increased their target price on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Truist Financial began coverage on Vertex Pharmaceuticals in a research report on Wednesday, May 27th. They issued a "buy" rating and a $542.00 price target for the company. Weiss Ratings cut shares of Vertex Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 30th. Finally, Morgan Stanley raised their price objective on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Twenty-one equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $557.09.

Key Stories Impacting Vertex Pharmaceuticals

Here are the key news stories impacting Vertex Pharmaceuticals this week:

• Positive Sentiment: Vertex’s $10 billion acquisition of Crinetics is being seen as a major expansion move that could add future growth drivers beyond its core cystic fibrosis business. Article Title
• Positive Sentiment: Investors continue to highlight Vertex as a strong long-term compounder, with articles pointing to its decade-long stock performance and durable earnings power. Article Title
• Positive Sentiment: Coverage on Vertex as one of the best QQQ stocks emphasized the July 1 FDA expansion for CASGEVY, which strengthened the company’s gene-therapy growth story. Article Title
• Positive Sentiment: Additional biotech commentary has kept Vertex in focus as one of the sector’s more attractive names, reinforcing investor interest in the stock. Article Title
• Neutral Sentiment: Short-interest data was reported at zero shares, which does not provide a meaningful trading signal and is unlikely to move the stock on its own.
• Neutral Sentiment: Several other biotech articles mentioned Vertex only in passing or as part of broader sector coverage, with limited direct impact on VRTX.

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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