Sumitomo Life Insurance Co. Invests $3.26 Million in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Sumitomo Life Insurance acquired 6,558 Vertex Pharmaceuticals shares during the second quarter, worth approximately $3.26 million. Institutional investors and hedge funds collectively own 90.96% of Vertex’s stock.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above analyst expectations, though earnings per share of $4.73 narrowly missed the $4.74 consensus estimate.
• Analyst sentiment remains broadly positive, with an average “Moderate Buy” rating and a $563.50 price target; however, insiders sold 10,464 shares worth nearly $5 million during the last quarter.

Sumitomo Life Insurance Co. acquired a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,558 shares of the pharmaceutical company's stock, valued at approximately $3,258,000.

A number of other hedge funds have also recently bought and sold shares of VRTX. Bangor Savings Bank grew its holdings in Vertex Pharmaceuticals by 0.4% in the 2nd quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company's stock valued at $2,220,000 after buying an additional 20 shares during the period. Confluence Wealth Services Inc. grew its stake in Vertex Pharmaceuticals by 4.0% during the fourth quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock worth $247,000 after buying an additional 21 shares during the period. Trust Point Inc. raised its position in Vertex Pharmaceuticals by 2.7% in the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock valued at $394,000 after purchasing an additional 21 shares during the period. Williams Jones Wealth Management LLC. raised its holdings in shares of Vertex Pharmaceuticals by 1.9% during the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock valued at $524,000 after buying an additional 21 shares during the period. Finally, Cannell & Spears LLC raised its stake in shares of Vertex Pharmaceuticals by 1.2% during the first quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company's stock valued at $885,000 after purchasing an additional 23 shares during the period. Institutional investors and hedge funds own 90.96% of the company's stock.

Insider Transactions at Vertex Pharmaceuticals

In related news, EVP Duncan Mckechnie sold 1,541 shares of the firm's stock in a transaction 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 in the company, valued at $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of Vertex Pharmaceuticals stock in a transaction on Thursday, July 2nd. The stock was 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. This represents a 3.20% decrease in their position. 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 sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $548.05 on Friday. The stock has a market capitalization of $139.10 billion, a price-to-earnings ratio of 31.90, a PEG ratio of 2.24 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a one year low of $374.17 and a one year high of $555.32. The company's 50-day simple moving average is $492.65 and its 200-day simple moving average is $465.92.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share 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 firm had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period in the prior year, the firm earned $4.52 earnings per share. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. As a group, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on VRTX shares. Canaccord Genuity Group boosted their price objective on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, July 29th. Truist Financial lifted their target price on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Wall Street Zen cut Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Finally, Cantor Fitzgerald increased their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Vertex Pharmaceuticals presently 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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