Procyon Advisors LLC Reduces Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Procyon Advisors LLC significantly reduced its holdings in Vertex Pharmaceuticals by 76.2% in Q2, now owning 4,428 shares valued at approximately $1.97 million.
• Insider director Bruce I. Sachs purchased 5,000 shares at $389.68 each, increasing his ownership to 45,000 shares worth over $17.5 million.
• Several analysts have adjusted their price targets for Vertex Pharmaceuticals, with a consensus average target of $496.05, reflecting a range from $405.00 to $558.00.

Procyon Advisors LLC trimmed its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 76.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,428 shares of the pharmaceutical company's stock after selling 14,170 shares during the period. Procyon Advisors LLC's holdings in Vertex Pharmaceuticals were worth $1,971,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of VRTX. Brighton Jones LLC increased its stake in shares of Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after purchasing an additional 579 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Vertex Pharmaceuticals by 57.1% during the 4th quarter. Tidal Investments LLC now owns 18,353 shares of the pharmaceutical company's stock worth $7,391,000 after purchasing an additional 6,672 shares in the last quarter. Westwood Holdings Group Inc. purchased a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $1,275,000. Vident Advisory LLC grew its stake in Vertex Pharmaceuticals by 137.3% in the 4th quarter. Vident Advisory LLC now owns 19,834 shares of the pharmaceutical company's stock worth $7,987,000 after acquiring an additional 11,476 shares during the period. Finally, Woodline Partners LP grew its stake in Vertex Pharmaceuticals by 12.5% in the 4th quarter. Woodline Partners LP now owns 149,418 shares of the pharmaceutical company's stock worth $60,171,000 after acquiring an additional 16,653 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Bruce I. Sachs acquired 5,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were purchased at an average price 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. This represents a 12.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock opened at $391.36 on Wednesday. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.88. The firm has a market capitalization of $100.34 billion, a P/E ratio of 27.97 and a beta of 0.44. The company's fifty day moving average price is $419.84 and its two-hundred day moving average price is $452.20.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same quarter in the previous year, the business posted ($12.83) EPS. The firm's revenue was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. BMO Capital Markets set a $530.00 target price on shares of Vertex Pharmaceuticals and gave the stock an "outperform" rating in a research note on Tuesday, August 5th. Cantor Fitzgerald lowered their target price on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating for the company in a research note on Tuesday, August 5th. Royal Bank Of Canada lowered their target price on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 5th. Wall Street Zen cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. Finally, Guggenheim lowered their target price on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and thirteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $496.05.

Vertex Pharmaceuticals 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.

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