Grandfield & Dodd LLC acquired a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 24,838 shares of the pharmaceutical company's stock, valued at approximately $12,338,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in VRTX. Community Financial Services Group LLC purchased a new position in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $26,000. Motiv8 Investments LLC purchased a new position in Vertex Pharmaceuticals in the 4th quarter worth $26,000. Elevation Wealth Partners LLC raised its stake 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 worth $27,000 after purchasing an additional 28 shares during the last quarter. Swiss RE Ltd. purchased a new position in Vertex Pharmaceuticals during the 4th quarter worth approximately $28,000. Finally, IMG Wealth Management Inc. lifted its position in Vertex Pharmaceuticals by 277.8% during the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock valued at $31,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 90.96% of the company's stock.
Insider Transactions at Vertex Pharmaceuticals
In related news, CMO Carmen Bozic sold 4,062 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were 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 represents a 19.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 that occurred on 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 directly owned 11,001 shares in the company, valued at approximately $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 10,464 shares of company stock valued at $4,959,397. 0.20% of the stock is currently owned by corporate insiders.
Vertex Pharmaceuticals Trading Up 1.9%
VRTX opened at $515.55 on Tuesday. The stock's 50-day moving average price is $484.71 and its 200 day moving average price is $463.96. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $546.17. The firm has a market cap of $130.85 billion, a price-to-earnings ratio of 30.01, a PEG ratio of 2.09 and a beta of 0.30.
Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing the consensus estimate of $4.74 by ($0.01). The business had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.Vertex Pharmaceuticals's quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.52 earnings per share. On average, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on VRTX. Wall Street Zen downgraded Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. Sanford C. Bernstein raised shares of Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, July 29th. Morgan Stanley upped their target price on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Canaccord Genuity Group increased their price target on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a "hold" rating in a report on Tuesday, August 4th. Finally, Barclays lifted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $563.50.
Check Out Our Latest Stock Analysis on Vertex Pharmaceuticals
About Vertex Pharmaceuticals
(
Free Report)
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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