Modern Wealth Management LLC Purchases New Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Modern Wealth Management LLC acquired a new position in Vertex Pharmaceuticals, purchasing 946 shares valued at approximately $458,000 in the first quarter.
• Insider trading activity includes Director Bruce I. Sachs purchasing 5,000 shares for about $1.95 million, increasing his position by 12.5%.
• Vertex Pharmaceuticals' stock is currently rated as a Moderate Buy, with a consensus price target of $496.05, while recent estimates show a projected 15.63 EPS for the current year.

Modern Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 946 shares of the pharmaceutical company's stock, valued at approximately $458,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Activest Wealth Management purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter valued at about $25,000. Clal Insurance Enterprises Holdings Ltd increased its stake in shares of Vertex Pharmaceuticals by 450.0% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after purchasing an additional 45 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $31,000. Flaharty Asset Management LLC purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter valued at about $32,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs acquired 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were purchased at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the acquisition, the director owned 45,000 shares of the company's stock, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.20% of the company's stock.

Analyst Ratings Changes

VRTX has been the subject of several research reports. Scotiabank cut their price objective on Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 5th. Canaccord Genuity Group cut their price objective on Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a research note on Wednesday, August 6th. Erste Group Bank lowered Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 23rd. Wall Street Zen lowered Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. Finally, Raymond James Financial initiated coverage on Vertex Pharmaceuticals in a research note on Tuesday, September 2nd. They set a "market perform" rating for the company. One equities research 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $496.05.

Vertex Pharmaceuticals Price Performance

VRTX stock opened at $394.53 on Monday. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year 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. The business has a 50 day simple moving average of $422.66 and a 200-day simple moving average of $453.23.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The firm had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same period in the prior year, the firm posted ($12.83) earnings per share. The firm's quarterly revenue was up 11.3% on a year-over-year basis. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. On average, equities research analysts expect 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.

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.