National Bank of Canada FI Trims Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• National Bank of Canada FI has reduced its stake in Vertex Pharmaceuticals by 9.2%, now owning 140,627 shares valued at approximately $68.2 million.
• Insider transactions include the purchase of 5,000 shares by Director Bruce I. Sachs, increasing his ownership in the company by 12.5%.
• Brokerages have set bullish price targets for Vertex Pharmaceuticals, with Wells Fargo raising its target to $460 and UBS Group setting it even higher at $553.

National Bank of Canada FI trimmed its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 9.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,627 shares of the pharmaceutical company's stock after selling 14,173 shares during the period. National Bank of Canada FI owned 0.05% of Vertex Pharmaceuticals worth $68,176,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Mascagni Wealth Management Inc. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $31,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $40,000. Minot DeBlois Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $44,000. SJS Investment Consulting Inc. lifted its holdings in shares of Vertex Pharmaceuticals by 46.2% in the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock valued at $46,000 after purchasing an additional 30 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Vertex Pharmaceuticals in the first quarter valued at about $46,000. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Trading Up 1.4%

Shares of NASDAQ:VRTX traded up $5.27 during mid-day trading on Wednesday, reaching $393.04. The company had a trading volume of 985,339 shares, compared to its average volume of 1,645,480. The firm has a market cap of $100.77 billion, a price-to-earnings ratio of 28.14 and a beta of 0.44. The company's 50-day moving average price is $448.18 and its 200-day moving average price is $464.96. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly 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 company had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same quarter in the previous year, the firm posted ($12.83) EPS. Vertex Pharmaceuticals's revenue was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs bought 5,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were acquired at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the acquisition, the director directly owned 45,000 shares of the company's stock, valued at $17,535,600. The trade was a 12.50% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Stifel Nicolaus cut their price target on Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a report on Tuesday, August 5th. Needham & Company LLC reaffirmed a "hold" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Truist Financial set a $490.00 target price on Vertex Pharmaceuticals and gave the company a "buy" rating in a research report on Tuesday, August 5th. Wells Fargo & Company raised Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 target price on the stock in a research report on Wednesday, August 6th. Finally, Morgan Stanley set a $439.00 target price on Vertex Pharmaceuticals and gave the company an "equal weight" rating in a research report on Tuesday, August 5th. Thirteen equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $497.10.

About Vertex Pharmaceuticals

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.