Elevation Point Wealth Partners LLC Buys New Shares in Vertex Pharmaceuticals Incorporated $VRTX

Elevation Point Wealth Partners LLC purchased a new position in shares of 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 institutional investor purchased 2,252 shares of the pharmaceutical company's stock, valued at approximately $1,119,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at $11,975,849,000. Norges Bank bought a new stake in Vertex Pharmaceuticals in the 4th quarter valued at $1,440,149,000. AIGH Capital Management LLC bought a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at $26,725,000. Bank of New York Mellon Corp acquired a new position in Vertex Pharmaceuticals in the 2nd quarter valued at $830,842,000. Finally, Deutsche Bank AG acquired a new position in Vertex Pharmaceuticals in the 2nd quarter valued at $784,391,000. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Down 0.1%

VRTX stock opened at $547.59 on Tuesday. The company's 50-day moving average price is $494.60 and its two-hundred day moving average price is $466.46. The firm has a market cap of $138.98 billion, a P/E ratio of 31.87, a P/E/G ratio of 2.27 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 12 month low of $374.17 and a 12 month high of $555.32.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate 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 was up 12.5% on a year-over-year basis. During the same period last year, the company posted $4.52 EPS. Equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group lifted their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Morgan Stanley raised their price target on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Stifel Nicolaus set a $500.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, August 4th. UBS Group boosted their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a report on Monday, July 13th. Finally, Truist Financial boosted their price objective on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 4,062 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the completion of the sale, the chief marketing officer directly owned 16,953 shares in the company, valued at $7,628,850. This represents a 19.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the firm'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 completion of the sale, the executive vice president directly owned 11,001 shares in the company, valued at approximately $5,709,519. This 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. Insiders sold a total of 10,464 shares of company stock worth $4,959,397 over the last three months. Corporate insiders own 0.20% of the company's stock.

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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