Proficio Capital Partners LLC Takes Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Proficio Capital Partners initiated a Vertex Pharmaceuticals position by purchasing 2,184 shares valued at approximately $1.085 million. Institutional investors collectively own 90.96% of Vertex’s outstanding stock.
• Vertex insiders sold 10,464 shares worth about $4.96 million during the last quarter, including transactions by the chief marketing officer and an executive vice president under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and a $569.52 price target. Vertex recently reported revenue growth of 12.5% year over year to $3.33 billion, though quarterly EPS narrowly missed estimates.

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

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bangor Savings Bank grew its stake in shares of Vertex Pharmaceuticals by 0.4% during the 2nd 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. Trust Point Inc. grew its stake in Vertex Pharmaceuticals by 2.7% during the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock valued at $394,000 after acquiring an additional 21 shares in the last quarter. Williams Jones Wealth Management LLC. increased its holdings in shares of Vertex Pharmaceuticals by 1.9% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock worth $524,000 after purchasing an additional 21 shares during the last quarter. Cannell & Spears LLC increased its stake in Vertex Pharmaceuticals by 1.2% in the 1st quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company's stock worth $885,000 after acquiring an additional 23 shares during the last quarter. Finally, Glenview Trust Co increased its position in Vertex Pharmaceuticals by 0.3% in the fourth quarter. Glenview Trust Co now owns 7,005 shares of the pharmaceutical company's stock worth $3,176,000 after purchasing an additional 24 shares during the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, CMO Carmen Bozic sold 4,062 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $450.00, for a total value of $1,827,900.00. Following the completion of the transaction, the chief marketing officer directly owned 16,953 shares in the company, valued at $7,628,850. This trade represents a 19.33% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 Duncan Mckechnie sold 1,541 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the transaction, the executive vice president directly owned 11,001 shares of the company's stock, valued at $5,709,519. This represents a 12.29% 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. In the last quarter, insiders have sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Stifel Nicolaus set a $500.00 price target on Vertex Pharmaceuticals in a report on Tuesday, August 4th. Morgan Stanley set a $665.00 target price on Vertex Pharmaceuticals in a research report on Tuesday. The Goldman Sachs Group set a $653.00 price target on Vertex Pharmaceuticals in a report on Tuesday. Finally, UBS Group upped their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $569.52.

Vertex Pharmaceuticals Trading Up 0.6%

NASDAQ VRTX opened at $547.65 on Wednesday. The firm's fifty day simple moving average is $505.22 and its two-hundred day simple moving average is $469.83. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $555.69. The firm has a market capitalization of $138.99 billion, a P/E ratio of 31.88, a P/E/G ratio of 2.36 and a beta of 0.32.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing the consensus estimate of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.23 billion. During the same quarter in the prior year, the company posted $4.52 EPS. The business's revenue for the quarter was up 12.5% on a year-over-year basis. As a group, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal 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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