UNIVEST FINANCIAL Corp Takes Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• UNIVEST Financial bought 9,049 shares of Vertex Pharmaceuticals worth approximately $4.5 million in the second quarter. Institutional investors collectively own 90.96% of Vertex’s outstanding shares.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $563.50, despite one recent downgrade to “hold.”
• Vertex reported second-quarter revenue of $3.33 billion, up 12.5% year over year and above estimates, while earnings per share narrowly missed expectations at $4.73 versus $4.74.

UNIVEST FINANCIAL Corp bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,049 shares of the pharmaceutical company's stock, valued at approximately $4,495,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Grandfield & Dodd LLC bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $12,338,000. MidFirst Bank bought a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at approximately $69,000. BlackRock Inc. acquired a new position in shares of Vertex Pharmaceuticals in the second quarter valued at $18,566,000. Pallas Capital Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals in the second quarter valued at $1,093,000. Finally, Performance Wealth Partners LLC bought a new position in Vertex Pharmaceuticals in the second quarter worth $799,000. 90.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VRTX. Stifel Nicolaus set a $500.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, August 4th. TD Cowen lifted their target price on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Wall Street Zen cut shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Barclays increased their price target on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, July 29th. One 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 company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $563.50.

Insider Activity at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 1,500 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 45,321 shares of the company's stock, valued at approximately $23,793,071.79. This trade represents a 3.20% decrease in their ownership of the stock. The transaction 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, CMO Carmen Bozic sold 4,062 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the sale, the chief marketing officer directly owned 16,953 shares of the company's stock, valued at approximately $7,628,850. The trade was a 19.33% 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. Insiders sold 10,464 shares of company stock valued at $4,959,397 in the last ninety days. Insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $515.55 on Tuesday. The firm has a market capitalization of $130.85 billion, a P/E ratio of 30.01, a P/E/G ratio of 2.09 and a beta of 0.30. The stock has a fifty day moving average price of $484.71 and a two-hundred day moving average price of $463.96. Vertex Pharmaceuticals Incorporated has a 52-week low of $374.17 and a 52-week high of $546.17.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results 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 firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same quarter in the prior year, the firm posted $4.52 EPS. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

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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