SVB Wealth LLC Cuts Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• SVB Wealth LLC has reduced its position in Vertex Pharmaceuticals by 29.9%, holding 10,636 shares after selling 4,527 shares in the first quarter.
• Recent research reports indicate a mixed outlook for Vertex, with analysts adjusting target prices, where Canaccord Genuity lowered its target from $424 to $411 while Morgan Stanley set a target of $439.
• Vertex Pharmaceuticals reported robust quarterly earnings of $4.52 per share, surpassing expectations and reflecting an 11.3% revenue increase from the previous year.

SVB Wealth LLC lessened its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 29.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,636 shares of the pharmaceutical company's stock after selling 4,527 shares during the quarter. SVB Wealth LLC's holdings in Vertex Pharmaceuticals were worth $5,156,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Aries Wealth Management purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter worth approximately $293,000. Polar Asset Management Partners Inc. purchased a new position in shares of Vertex Pharmaceuticals in the 4th quarter worth approximately $22,954,000. Brighton Jones LLC boosted its holdings in shares of Vertex Pharmaceuticals by 45.0% in the 1st quarter. Brighton Jones LLC now owns 6,421 shares of the pharmaceutical company's stock worth $3,113,000 after purchasing an additional 1,994 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Vertex Pharmaceuticals by 25.1% in the 1st quarter. GAMMA Investing LLC now owns 5,002 shares of the pharmaceutical company's stock worth $2,425,000 after purchasing an additional 1,005 shares during the period. Finally, Stanley Laman Group Ltd. purchased a new position in shares of Vertex Pharmaceuticals in the 1st quarter worth approximately $486,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

VRTX has been the subject of a number of recent research reports. Canaccord Genuity Group dropped their target price on Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Morgan Stanley set a $439.00 target price on Vertex Pharmaceuticals and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. Wall Street Zen cut Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Friday. Wolfe Research cut Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a report on Wednesday, May 7th. Finally, HC Wainwright dropped their price objective on Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating for the company in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $497.10.

Vertex Pharmaceuticals Trading Down 0.6%

Shares of VRTX stock opened at $395.12 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $519.88. The stock has a market capitalization of $101.31 billion, a price-to-earnings ratio of 28.24 and a beta of 0.44. The stock has a fifty day simple moving average of $438.99 and a two-hundred day simple moving average of $461.53.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.28. The business had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The business's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($12.83) EPS. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. Research analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs purchased 5,000 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, August 6th. The stock was purchased at an average cost of $389.68 per share, with a total value of $1,948,400.00. Following the transaction, the director owned 45,000 shares in the company, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company's stock.

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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