Commerce Bank bought a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 8,033 shares of the pharmaceutical company's stock, valued at approximately $3,990,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of Vertex Pharmaceuticals by 414.1% during the fourth quarter. Allworth Financial LP now owns 14,036 shares of the pharmaceutical company's stock valued at $6,363,000 after acquiring an additional 11,306 shares during the last quarter. Calamos Advisors LLC grew its stake in shares of Vertex Pharmaceuticals by 77.1% in the first quarter. Calamos Advisors LLC now owns 77,886 shares of the pharmaceutical company's stock worth $34,779,000 after purchasing an additional 33,917 shares during the last quarter. Sandro Wealth Management LLC purchased a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $1,436,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. increased its holdings in Vertex Pharmaceuticals by 11.9% during the 1st quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 34,991 shares of the pharmaceutical company's stock valued at $15,625,000 after purchasing an additional 3,710 shares during the period. Finally, Meiji Yasuda America Inc bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at approximately $1,911,000. 90.96% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research firms have weighed in on VRTX. Wall Street Zen cut Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. TD Cowen boosted their target price on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals in a report on Tuesday, August 4th. Royal Bank Of Canada raised their price target on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 7th. Finally, Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $563.50.
View Our Latest Research Report on Vertex Pharmaceuticals
Insider Buying and Selling
In related news, EVP Duncan Mckechnie sold 1,541 shares of Vertex Pharmaceuticals stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president directly owned 11,001 shares of the company's stock, valued at $5,709,519. This trade represents a 12.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the sale, the executive vice president owned 45,321 shares in the company, valued at approximately $23,793,071.79. This trade represents a 3.20% 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 sold a total of 10,464 shares of company stock worth $4,959,397 in the last three months. 0.20% of the stock is owned by corporate insiders.
Vertex Pharmaceuticals Stock Down 0.1%
Shares of VRTX stock opened at $547.59 on Tuesday. The business's fifty day moving average is $494.60 and its 200 day moving average is $466.46. The stock has a market cap of $138.98 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 2.27 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.32.
Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing the consensus estimate of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The firm had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.23 billion. During the same period in the prior year, the business posted $4.52 EPS. The business's quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.
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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