First Citizens Bank & Trust Co. Cuts Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• First Citizens Bank & Trust Co. has reduced its stake in Vertex Pharmaceuticals by 61.8% during the second quarter, now owning 1,603 shares valued at $714,000.
• Vertex Pharmaceuticals reported an earnings per share (EPS) of $4.52 for the last quarter, exceeding analyst expectations and marking an 11.3% increase in revenue year-over-year.
• Despite the recent reductions in stock positions by some investors, 90.96% of Vertex Pharmaceuticals' stock is still held by institutional investors and hedge funds.

First Citizens Bank & Trust Co. decreased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 61.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,603 shares of the pharmaceutical company's stock after selling 2,594 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Vertex Pharmaceuticals were worth $714,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Activest Wealth Management acquired a new position in shares of Vertex Pharmaceuticals during the first quarter worth about $25,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Vertex Pharmaceuticals by 450.0% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after buying an additional 45 shares during the period. Flaharty Asset Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 1st quarter valued at about $32,000. American National Bank & Trust lifted its position in Vertex Pharmaceuticals by 515.4% during the 2nd quarter. American National Bank & Trust now owns 80 shares of the pharmaceutical company's stock worth $36,000 after acquiring an additional 67 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Vertex Pharmaceuticals in the 1st quarter worth approximately $46,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Trading Down 0.3%

VRTX stock opened at $421.39 on Friday. The stock's 50 day simple moving average is $398.96 and its 200 day simple moving average is $434.87. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $519.88. The firm has a market cap of $108.04 billion, a P/E ratio of 30.12 and a beta of 0.43.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The firm had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the previous year, the firm earned ($12.83) earnings per share. The firm's revenue for the quarter was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. On average, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VRTX has been the topic of a number of analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Vertex Pharmaceuticals in a research note on Friday. Royal Bank Of Canada dropped their price target on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 5th. Leerink Partners upgraded shares of Vertex Pharmaceuticals from a "market perform" rating to an "outperform" rating and cut their price objective for the stock from $458.00 to $456.00 in a report on Thursday, September 25th. Raymond James Financial began coverage on Vertex Pharmaceuticals in a research note on Tuesday, September 2nd. They set a "market perform" rating for the company. Finally, Cantor Fitzgerald reduced their price target on Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating for the company in a report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $494.38.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs bought 5,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were purchased at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the completion of the acquisition, the director directly owned 45,000 shares of the company's stock, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.

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