Huntington National Bank Has $14.96 Million Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Huntington National Bank increased its Vertex Pharmaceuticals stake by 12.1% in the fourth quarter, holding 32,999 shares valued at about $14.96 million.
• Vertex reported strong quarterly results, with EPS of $4.47 beating estimates and revenue of $2.99 billion matching expectations, while revenue rose 8.3% year over year.
• Analysts remain constructive on the stock: Vertex has a Moderate Buy consensus rating, with an average price target of $555.91, even as some insiders recently sold shares.

Huntington National Bank raised its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 12.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 32,999 shares of the pharmaceutical company's stock after acquiring an additional 3,552 shares during the quarter. Huntington National Bank's holdings in Vertex Pharmaceuticals were worth $14,960,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Earned Wealth Advisors LLC increased its position in Vertex Pharmaceuticals by 3.3% in the 4th quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company's stock valued at $295,000 after acquiring an additional 21 shares during the period. Confluence Wealth Services Inc. increased its position in Vertex Pharmaceuticals by 4.0% in the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock valued at $247,000 after acquiring an additional 21 shares during the period. Childress Capital Advisors LLC increased its position in Vertex Pharmaceuticals by 3.1% in the 4th quarter. Childress Capital Advisors LLC now owns 730 shares of the pharmaceutical company's stock valued at $331,000 after acquiring an additional 22 shares during the period. Central Pacific Bank Trust Division increased its position in Vertex Pharmaceuticals by 0.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 5,026 shares of the pharmaceutical company's stock valued at $2,279,000 after acquiring an additional 24 shares during the period. Finally, Glenview Trust Co increased its position in Vertex Pharmaceuticals by 0.3% in the 4th quarter. Glenview Trust Co now owns 7,005 shares of the pharmaceutical company's stock valued at $3,176,000 after acquiring an additional 24 shares during the period. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Up 2.5%

VRTX opened at $447.97 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $507.92. The company has a fifty day moving average of $439.14 and a 200-day moving average of $451.67. The stock has a market cap of $113.69 billion, a PE ratio of 26.57, a price-to-earnings-growth ratio of 1.87 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.23. The company had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. Vertex Pharmaceuticals's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.06 earnings per share. Sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.97 EPS for the current fiscal year.

Analysts Set New Price Targets

VRTX has been the subject of several recent research reports. Scotiabank upped their price target on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the company an "outperform" rating in a research report on Friday, February 13th. Citigroup upped their price target on shares of Vertex Pharmaceuticals from $575.00 to $585.00 and gave the company a "buy" rating in a research report on Tuesday, March 10th. Royal Bank Of Canada upped their price target on shares of Vertex Pharmaceuticals from $541.00 to $543.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Canaccord Genuity Group decreased their price objective on shares of Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating for the company in a research report on Tuesday, May 5th. Finally, Jefferies Financial Group started coverage on shares of Vertex Pharmaceuticals in a research report on Tuesday, March 10th. They set a "buy" rating and a $580.00 price objective for the company. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $555.91.

Insider Transactions at Vertex Pharmaceuticals

In other news, CMO Carmen Bozic sold 6,988 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $450.00, for a total transaction of $3,144,600.00. Following the completion of the sale, the chief marketing officer owned 26,088 shares of the company's stock, valued at $11,739,600. This trade represents a 21.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sangeeta N. Bhatia sold 318 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the completion of the sale, the director owned 4,924 shares of the company's stock, valued at $2,086,446.52. The trade was a 6.07% 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. Insiders sold a total of 11,717 shares of company stock valued at $5,309,945 in the last quarter. 0.20% of the stock is currently owned by company insiders.

About Vertex Pharmaceuticals

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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