Gradient Investments LLC Buys New Shares in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Gradient Investments LLC purchased 38,013 shares of Vertex Pharmaceuticals for approximately $16.9 million in the second quarter, indicating growing institutional interest in the company.
• Wall Street analysts have varying ratings for Vertex Pharmaceuticals, with one Strong Buy, 14 Buy, and 13 Hold ratings, reflecting mixed expectations for the company's future performance.
• Vertex Pharmaceuticals reported a quarterly revenue of $2.94 billion, surpassing analyst expectations and demonstrating an 11.3% increase from the previous year.

Gradient Investments LLC bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 38,013 shares of the pharmaceutical company's stock, valued at approximately $16,923,000.

Several other hedge funds have also made changes to their positions in the stock. GK Wealth Management LLC bought a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at about $307,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Vertex Pharmaceuticals by 25.4% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,727 shares of the pharmaceutical company's stock valued at $1,214,000 after buying an additional 553 shares during the period. Salem Investment Counselors Inc. lifted its stake in shares of Vertex Pharmaceuticals by 54.4% in the second quarter. Salem Investment Counselors Inc. now owns 494 shares of the pharmaceutical company's stock valued at $220,000 after buying an additional 174 shares during the period. Centurion Wealth Management LLC bought a new position in Vertex Pharmaceuticals during the second quarter worth about $223,000. Finally, TrueWealth Advisors LLC lifted its stake in Vertex Pharmaceuticals by 12.4% during the second quarter. TrueWealth Advisors LLC now owns 1,223 shares of the pharmaceutical company's stock worth $544,000 after purchasing an additional 135 shares during the period. Institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VRTX. Raymond James Financial began coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, September 2nd. They set a "market perform" rating for the company. UBS Group set a $553.00 price target on shares of Vertex Pharmaceuticals and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Canaccord Genuity Group cut their price target on shares of Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a research note on Wednesday, August 6th. Wells Fargo & Company upgraded shares of Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price target for the company in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Vertex Pharmaceuticals from $515.00 to $517.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $496.05.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Bruce I. Sachs purchased 5,000 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, August 6th. The shares were bought at an average cost of $389.68 per share, with a total value of $1,948,400.00. Following the completion of the transaction, the director directly owned 45,000 shares in the company, valued at $17,535,600. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Stock Performance

VRTX opened at $394.53 on Monday. The company has a fifty day moving average price of $422.66 and a two-hundred day moving average price of $453.23. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $519.88. The firm has a market capitalization of $101.15 billion, a PE ratio of 28.20 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping analysts' consensus estimates 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 business earned ($12.83) EPS. The business's quarterly revenue was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. Equities analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Vertex Pharmaceuticals Company 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.

Want to see what other hedge funds are holding VRTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report).

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.