Forvis Mazars Wealth Advisors LLC Makes New Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Forvis Mazars Wealth Advisors LLC has initiated a new position in Vertex Pharmaceuticals, purchasing 1,448 shares valued at approximately $702,000, according to their recent SEC filing.
• Insider trading activity saw Director Bruce I. Sachs acquire 5,000 shares of Vertex for about $1.95 million, marking a 12.50% increase in his ownership stake in the company.
• Recent analyst ratings for Vertex Pharmaceuticals include a "buy" rating from UBS with a price target of $553 and a "hold" rating from Canaccord Genuity, reflecting varied investor sentiment surrounding the stock.

Forvis Mazars Wealth Advisors LLC purchased a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,448 shares of the pharmaceutical company's stock, valued at approximately $702,000.

Other large investors also recently added to or reduced their stakes in the company. Clal Insurance Enterprises Holdings Ltd lifted its stake in Vertex Pharmaceuticals by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 45 shares in the last quarter. Mascagni Wealth Management Inc. acquired a new position in Vertex Pharmaceuticals during the fourth quarter worth $31,000. Mpwm Advisory Solutions LLC acquired a new position in Vertex Pharmaceuticals during the fourth quarter worth $40,000. Minot DeBlois Advisors LLC acquired a new position in Vertex Pharmaceuticals during the fourth quarter worth $44,000. Finally, SJS Investment Consulting Inc. lifted its stake in Vertex Pharmaceuticals by 46.2% during the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock worth $46,000 after purchasing an additional 30 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs bought 5,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the purchase, the director owned 45,000 shares of the company's stock, valued at approximately $17,535,600. This represents a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

VRTX has been the topic of several analyst reports. UBS Group set a $553.00 price objective on Vertex Pharmaceuticals and gave the company a "buy" rating in a research note on Tuesday, August 5th. Canaccord Genuity Group reduced their price objective on Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating on the stock in a research note on Wednesday, August 6th. JPMorgan Chase & Co. increased their price objective on Vertex Pharmaceuticals from $515.00 to $517.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Guggenheim reduced their price objective on Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Finally, Wolfe Research cut Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, May 7th. Thirteen investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $497.10.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $392.79 on Monday. The stock's 50-day moving average is $444.95 and its two-hundred day moving average is $464.12. The firm has a market cap of $100.71 billion, a price-to-earnings ratio of 28.08 and a beta of 0.44. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping 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 business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter in the prior year, the firm earned ($12.83) earnings per share. The business's quarterly revenue was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.