Synovus Financial Corp Trims Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Synovus Financial Corp reduced its stake in Vertex Pharmaceuticals by 23.7%, selling 2,648 shares, leaving it with 8,506 shares valued at approximately $4.12 million.
• Several other institutional investors have modified their positions in Vertex, with Quent Capital LLC and Advisor OS LLC both increasing their holdings over the same period.
• Vertex Pharmaceuticals reported earnings of $4.52 per share for the last quarter, exceeding analysts' expectations of $4.24 and achieving a revenue of $2.94 billion, marking an 11.3% increase year-over-year.

Synovus Financial Corp lowered its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 23.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,506 shares of the pharmaceutical company's stock after selling 2,648 shares during the quarter. Synovus Financial Corp's holdings in Vertex Pharmaceuticals were worth $4,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Vertex Pharmaceuticals by 1.0% during the first quarter. Vanguard Group Inc. now owns 23,491,161 shares of the pharmaceutical company's stock valued at $11,388,985,000 after purchasing an additional 232,873 shares in the last quarter. Jennison Associates LLC boosted its position in Vertex Pharmaceuticals by 17.2% during the first quarter. Jennison Associates LLC now owns 5,062,442 shares of the pharmaceutical company's stock valued at $2,454,373,000 after purchasing an additional 744,680 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Vertex Pharmaceuticals by 72.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,917,227 shares of the pharmaceutical company's stock valued at $1,414,331,000 after purchasing an additional 1,226,527 shares in the last quarter. Janus Henderson Group PLC boosted its position in Vertex Pharmaceuticals by 12.6% during the fourth quarter. Janus Henderson Group PLC now owns 2,833,889 shares of the pharmaceutical company's stock valued at $1,141,277,000 after purchasing an additional 317,058 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Vertex Pharmaceuticals by 15.0% during the fourth quarter. Northern Trust Corp now owns 2,721,049 shares of the pharmaceutical company's stock valued at $1,095,766,000 after purchasing an additional 355,057 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 0.5%

Shares of Vertex Pharmaceuticals stock traded up $1.90 on Wednesday, reaching $389.08. 1,911,174 shares of the stock were exchanged, compared to its average volume of 2,537,219. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $519.88. The firm has a market capitalization of $99.76 billion, a price-to-earnings ratio of 27.81 and a beta of 0.44. The business has a 50 day moving average price of $435.47 and a two-hundred day moving average price of $459.64.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results 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 return on equity of 23.91% and a net margin of 31.86%.The firm had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter in the previous year, the company posted ($12.83) earnings per share. The company's revenue was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. Research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on VRTX shares. Morgan Stanley set a $439.00 price objective on Vertex Pharmaceuticals and gave the company an "equal weight" rating in a research report on Tuesday, August 5th. Stifel Nicolaus lowered their price target on Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating for the company in a report on Tuesday, August 5th. Wells Fargo & Company raised Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price target for the company in a report on Wednesday, August 6th. Leerink Partnrs downgraded Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, HC Wainwright lowered their price target 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 investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $497.10.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs purchased 5,000 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the transaction, the director owned 45,000 shares in the company, valued at $17,535,600. The trade was a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Company 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.