Global Retirement Partners LLC Purchases New Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Global Retirement Partners acquired 3,925 Vertex Pharmaceuticals shares worth approximately $1.95 million in the second quarter. Institutional investors collectively own 90.96% of VRTX.
• 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 consensus estimates.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $563.50, while insiders sold 10,464 shares worth about $4.96 million during the last quarter.

Global Retirement Partners LLC acquired a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,925 shares of the pharmaceutical company's stock, valued at approximately $1,950,000.

Several other institutional investors also recently bought and sold shares of the company. Community Financial Services Group LLC bought a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth $26,000. Motiv8 Investments LLC purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at $26,000. Elevation Wealth Partners LLC raised its holdings in shares of Vertex Pharmaceuticals by 103.7% in the second quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after acquiring an additional 28 shares in the last quarter. Swiss RE Ltd. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $28,000. Finally, IMG Wealth Management Inc. lifted its stake in Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock worth $31,000 after acquiring an additional 50 shares during the period. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX opened at $505.75 on Monday. Vertex Pharmaceuticals Incorporated has a 1 year low of $374.17 and a 1 year high of $546.17. The company's fifty day moving average price is $483.26 and its 200 day moving average price is $463.67. The company has a market capitalization of $128.36 billion, a PE ratio of 29.44, a price-to-earnings-growth ratio of 2.09 and a beta of 0.30.

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

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, EVP Ourania Tatsis sold 1,500 shares of the business's stock in a transaction that occurred on 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 directly owned 45,321 shares in the company, valued at approximately $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of Vertex Pharmaceuticals 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 sale, the chief marketing officer directly owned 16,953 shares in the company, valued at approximately $7,628,850. This trade represents a 19.33% 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 10,464 shares of company stock valued at $4,959,397 over the last quarter. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on VRTX. Cantor Fitzgerald increased their target price on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. TD Cowen boosted their target price on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Royal Bank Of Canada increased their price objective on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Morgan Stanley lifted their target price on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen downgraded Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $563.50.

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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