Citizens Financial Group Inc. RI acquired a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 50,988 shares of the pharmaceutical company's stock, valued at approximately $25,327,000.
Several other hedge funds have also added to or reduced their stakes in VRTX. Community Financial Services Group LLC bought a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at approximately $26,000. Motiv8 Investments LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $26,000. Elevation Wealth Partners LLC raised its holdings in shares of Vertex Pharmaceuticals by 103.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 28 shares during the period. Swiss RE Ltd. bought a new stake in shares of Vertex Pharmaceuticals in the 4th quarter worth approximately $28,000. Finally, IMG Wealth Management Inc. lifted its stake in Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock valued at $31,000 after purchasing an additional 50 shares during the last quarter. Institutional investors own 90.96% of the company's stock.
Vertex Pharmaceuticals Trading Up 1.9%
Vertex Pharmaceuticals stock opened at $515.55 on Tuesday. The firm has a 50 day simple moving average of $484.71 and a 200 day simple moving average of $463.96. Vertex Pharmaceuticals Incorporated has a 1-year low of $374.17 and a 1-year high of $546.17. The firm has a market capitalization of $130.85 billion, a price-to-earnings ratio of 30.01, a P/E/G ratio of 2.09 and a beta of 0.30.
Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its earnings results 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). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The company had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.23 billion. During the same quarter in the prior year, the company earned $4.52 EPS. The company's revenue was up 12.5% on a year-over-year basis. On average, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.
Insider Activity at Vertex Pharmaceuticals
In other news, EVP Duncan Mckechnie sold 1,541 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 11,001 shares in the company, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total transaction of $787,485.00. Following the transaction, the executive vice president directly owned 45,321 shares of the company's stock, valued at approximately $23,793,071.79. This represents a 3.20% 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. In the last three months, insiders have sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is owned by company insiders.
Analyst Ratings Changes
Several equities analysts have weighed in on the company. Barclays increased their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. 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. Cantor Fitzgerald increased their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. UBS Group increased their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Finally, Stifel Nicolaus set a $500.00 price objective on Vertex Pharmaceuticals in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $563.50.
Get Our Latest Stock Analysis on Vertex Pharmaceuticals
About Vertex Pharmaceuticals
(
Free Report)
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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