Perigon Wealth Management LLC Boosts Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Perigon Wealth Management LLC increased its stake in Vertex Pharmaceuticals by 13.7%, holding a total of 6,004 shares worth approximately $2.67 million at the end of the reporting period.
• Recent analyst reports on Vertex Pharmaceuticals show mixed ratings, with price targets ranging from $438.00 to $510.00 and a consensus average target price of $493.81.
• Director Bruce I. Sachs bought 5,000 shares at an average cost of $389.68 per share, increasing his ownership by 12.5%.

Perigon Wealth Management LLC grew its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 13.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,004 shares of the pharmaceutical company's stock after acquiring an additional 724 shares during the period. Perigon Wealth Management LLC's holdings in Vertex Pharmaceuticals were worth $2,673,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. United Services Automobile Association purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter worth $2,933,000. Aries Wealth Management purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter worth $293,000. New England Research & Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $472,000. Paladin Wealth LLC purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $552,000. Finally, Andrew Hill Investment Advisors Inc. raised its position in shares of Vertex Pharmaceuticals by 21.8% in the second quarter. Andrew Hill Investment Advisors Inc. now owns 8,003 shares of the pharmaceutical company's stock worth $3,563,000 after buying an additional 1,430 shares in the last quarter. Hedge funds and other institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on VRTX shares. Stifel Nicolaus lowered their price objective on Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a research report on Tuesday, August 5th. Evercore ISI lowered their price objective on Vertex Pharmaceuticals from $510.00 to $475.00 and set an "outperform" rating on the stock in a research report on Thursday, September 11th. Leerink Partners raised Vertex Pharmaceuticals from a "market perform" rating to an "outperform" rating and reduced their target price for the company from $458.00 to $456.00 in a research note on Thursday. Truist Financial set a $490.00 target price on Vertex Pharmaceuticals and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Scotiabank reduced their target price on Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $493.81.

Insiders Place Their Bets

In related news, Director Bruce I. Sachs bought 5,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $389.68 per share, for a total transaction 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Vertex Pharmaceuticals Stock Up 1.0%

VRTX opened at $385.73 on Friday. The stock has a market cap of $98.90 billion, a PE ratio of 27.57 and a beta of 0.44. The business's fifty day simple moving average is $406.00 and its 200 day simple moving average is $446.60. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. The company had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.Vertex Pharmaceuticals's revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($12.83) EPS. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

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.

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