Pallas Capital Advisors LLC Takes $1.09 Million Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Pallas Capital Advisors opened a $1.09 million position in Vertex Pharmaceuticals during the second quarter by purchasing 2,200 shares. Institutional investors collectively own 90.96% of VRTX.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $563.50; several firms recently raised their targets.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above expectations, while EPS of $4.73 narrowly missed estimates. Insiders sold $4.96 million of stock over the past three months under pre-arranged trading plans.

Pallas Capital Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,200 shares of the pharmaceutical company's stock, valued at approximately $1,093,000.

Other large investors have also made changes to their positions in the company. Bangor Savings Bank grew its position in Vertex Pharmaceuticals by 0.4% during the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company's stock valued at $2,220,000 after acquiring an additional 20 shares during the period. Earned Wealth Advisors LLC raised its holdings in shares of Vertex Pharmaceuticals by 3.3% in the 4th quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company's stock worth $295,000 after purchasing an additional 21 shares during the period. Confluence Wealth Services Inc. raised its holdings in shares of Vertex Pharmaceuticals by 4.0% in the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock worth $247,000 after purchasing an additional 21 shares during the period. Trust Point Inc. lifted its stake in shares of Vertex Pharmaceuticals by 2.7% in the 2nd quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock valued at $394,000 after purchasing an additional 21 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. lifted its stake in shares of Vertex Pharmaceuticals by 1.9% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock valued at $524,000 after purchasing an additional 21 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VRTX has been the subject of a number of research analyst reports. Sanford C. Bernstein raised shares of Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Cantor Fitzgerald lifted their price target on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Wall Street Zen downgraded shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Truist Financial increased their price objective on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Finally, UBS Group raised their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Activity

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the transaction, the executive vice president owned 11,001 shares in the company, valued at $5,709,519. The trade was a 12.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the transaction, the executive vice president directly owned 45,321 shares of the company's stock, valued at approximately $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $528.19 on Wednesday. The firm has a market cap of $134.05 billion, a P/E ratio of 30.74, a price-to-earnings-growth ratio of 2.09 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1 year low of $374.17 and a 1 year high of $546.17. The stock has a 50-day simple moving average of $486.36 and a 200-day simple moving average of $464.31.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The company had revenue of $3.33 billion during the quarter, compared to analysts' expectations of $3.23 billion. During the same quarter in the prior year, the company earned $4.52 EPS. The firm's revenue was up 12.5% compared to the same quarter last year. On average, equities research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Vertex Pharmaceuticals Profile

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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