Proficio Capital Partners LLC Makes New $1.08 Million Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Proficio Capital Partners initiated a $1.08 million position in Vertex Pharmaceuticals by purchasing 2,184 shares during the second quarter. Institutional investors and hedge funds collectively own 90.96% of VRTX.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above estimates, while earnings per share of $4.73 narrowly missed consensus by $0.01.
• Analyst sentiment remains positive, with an average rating of “Moderate Buy” and an average price target of $563.50; shares recently opened at $547.29 after a 1% decline.

Proficio Capital Partners LLC purchased a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,184 shares of the pharmaceutical company's stock, valued at approximately $1,085,000.

Other institutional investors have also recently made changes to their positions in the company. Community Financial Services Group LLC acquired a new position in Vertex Pharmaceuticals during the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $26,000. Motiv8 Investments LLC acquired a new stake in Vertex Pharmaceuticals in the 4th quarter worth approximately $26,000. Elevation Wealth Partners LLC grew its position in Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 28 shares during the last quarter. Finally, Swiss RE Ltd. purchased a new stake in Vertex Pharmaceuticals during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 90.96% of the company's stock.

Insider Transactions at Vertex Pharmaceuticals

In other news, EVP Duncan Mckechnie sold 1,541 shares of the company'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 completion of the transaction, the executive vice president owned 11,001 shares in the company, valued at approximately $5,709,519. This represents a 12.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 on 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 owned 45,321 shares of the company's stock, valued at $23,793,071.79. This represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 10,464 shares of company stock valued at $4,959,397. Corporate insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Trading Down 1.0%

Shares of VRTX opened at $547.29 on Thursday. The firm's fifty day simple moving average is $498.36 and its 200-day simple moving average is $467.66. The firm has a market capitalization of $138.90 billion, a price-to-earnings ratio of 31.86, a PEG ratio of 2.40 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.69.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted 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). The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The firm's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.52 earnings per share. On average, analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VRTX has been the subject of a number of research analyst reports. Truist Financial raised their price target on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Weiss Ratings downgraded Vertex Pharmaceuticals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday. Canaccord Genuity Group raised their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a "hold" 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 report on Sunday, June 28th. Finally, Stifel Nicolaus set a $500.00 price objective on Vertex Pharmaceuticals in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $563.50.

About Vertex Pharmaceuticals

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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