Glenview Trust Co Takes $3.35 Million Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Glenview Trust Co. acquired 6,751 Vertex Pharmaceuticals shares worth approximately $3.35 million in the second quarter, while institutional investors and hedge funds collectively own 90.96% of the stock.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above expectations, though earnings of $4.73 per share narrowly missed estimates.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $563.50; several firms recently raised their targets, while insiders sold $4.96 million of shares over the past 90 days under pre-arranged trading plans.

Glenview Trust Co acquired a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,751 shares of the pharmaceutical company's stock, valued at approximately $3,353,000.

Other hedge funds have also recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in Vertex Pharmaceuticals during the second quarter valued at about $26,000. Community Financial Services Group LLC bought a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $26,000. Elevation Wealth Partners LLC boosted its stake in shares of Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock worth $27,000 after acquiring an additional 28 shares in the last quarter. Motiv8 Investments LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $26,000. Finally, Swiss RE Ltd. bought a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at approximately $28,000. 90.96% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 1,500 shares of the business's stock in a transaction dated 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 owned 45,321 shares in the company, valued at approximately $23,793,071.79. The trade was a 3.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 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 sale, the executive vice president owned 11,001 shares of the company's stock, valued at approximately $5,709,519. The trade was a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 10,464 shares of company stock valued at $4,959,397 in the last ninety days. Company insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $547.55 on Friday. The stock has a 50-day simple moving average of $500.28 and a 200 day simple moving average of $468.15. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.69. The stock has a market capitalization of $138.97 billion, a PE ratio of 31.87, a P/E/G ratio of 2.38 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same period last year, the business earned $4.52 EPS. The business's quarterly revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. TD Cowen boosted their target price on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. UBS Group increased their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a report on Monday, July 13th. Royal Bank Of Canada lifted their price target on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Barclays boosted their price objective on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Finally, Stifel Nicolaus set a $500.00 price objective on shares of Vertex Pharmaceuticals in a report 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 given a Hold rating to the stock. According to data from MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $563.50.

Vertex Pharmaceuticals 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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