Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by Allworth Financial LP

Key Points

• Allworth Financial LP cut its Vertex Pharmaceuticals position by 71.6% in the second quarter, selling 11,316 shares and retaining 4,487 shares valued at approximately $2.23 million. Institutional investors still own 90.96% of the company.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and ahead of estimates, although EPS of $4.73 narrowly missed consensus. Shares opened at $515.44, near their 50-day moving average.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and average price target of $570.83. Vertex’s planned approximately $10 billion acquisition of Crinetics Pharmaceuticals is viewed as a potential growth engine beyond its cystic fibrosis franchise.

Allworth Financial LP lowered its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 71.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,487 shares of the pharmaceutical company's stock after selling 11,316 shares during the period. Allworth Financial LP's holdings in Vertex Pharmaceuticals were worth $2,229,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after purchasing an additional 579 shares during the last quarter. Gamco Investors INC. ET AL purchased a new position in Vertex Pharmaceuticals during the second quarter worth $228,000. NewEdge Advisors LLC increased its position in Vertex Pharmaceuticals by 9.0% during the second quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company's stock worth $5,311,000 after buying an additional 986 shares in the last quarter. ICW Investment Advisors LLC raised its holdings in shares of Vertex Pharmaceuticals by 5.0% in the second quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock worth $269,000 after acquiring an additional 29 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its holdings in shares of Vertex Pharmaceuticals by 26.3% in the second quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company's stock worth $3,246,000 after acquiring an additional 1,518 shares during the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals News Roundup

Here are the key news stories impacting Vertex Pharmaceuticals this week:

• Positive Sentiment: JPMorgan reaffirmed its overweight rating and raised its price target to $560 from $515, implying approximately 8.6% potential upside from the referenced price. The target increase signals greater confidence in Vertex’s earnings outlook and pipeline. JPMorgan Vertex analyst rating
• Positive Sentiment: Coverage highlights Vertex’s strong core business and raised guidance as key factors supporting the shares. The company’s latest reported quarter also showed revenue growth of 12.5% year over year to $3.33 billion, ahead of estimates, despite a marginal EPS miss. Strong Core Business, Raised Guidance Push Vertex Pharmaceuticals Higher
• Positive Sentiment: Vertex’s approximately $10 billion acquisition of Crinetics Pharmaceuticals is viewed as a potential new growth engine. The transaction gives Vertex an immediate presence in endocrinology and could reduce its long-term dependence on the cystic fibrosis franchise by adding a new commercial platform. Vertex Pharmaceuticals Incorporated: Crinetics Acquisition Creates a New Growth Engine Beyond Cystic Fibrosis
• Neutral Sentiment: Investor conference presentations and a Q2 peer comparison provide additional updates on Vertex’s business and industry position, but the available reports do not identify a new material catalyst beyond the company’s existing financial outlook. Vertex Pharmaceuticals Cantor Fitzgerald Conference Transcript
• Neutral Sentiment: Reported short interest was zero shares, offering no evidence of meaningful short-selling pressure; however, the data appears inconsistent and may be a reporting artifact.

Vertex Pharmaceuticals Trading Up 0.2%

NASDAQ VRTX opened at $515.44 on Friday. The business's 50-day moving average price is $511.01 and its 200 day moving average price is $473.15. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $560.25. The company has a market capitalization of $130.82 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 2.23 and a beta of 0.32.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly 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). The business had revenue of $3.33 billion during the quarter, compared to analysts' expectations of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The firm's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.52 EPS. Equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.88 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 596 shares of the business's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $482.50, for a total transaction of $287,570.00. Following the completion of the sale, the chief marketing officer owned 15,337 shares of the company's stock, valued at approximately $7,400,102.50. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan McKechnie sold 1,541 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the sale, the executive vice president owned 11,001 shares of the company's stock, valued at $5,709,519. The trade was a 12.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 8,719 shares of company stock worth $4,174,147. 0.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays increased their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Morgan Stanley assumed coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, September 1st. They issued an "overweight" rating and a $665.00 target price for the company. UBS Group upped their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a report on Monday, July 13th. Canaccord Genuity Group raised their price target on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a research note on Tuesday, August 4th. Finally, The Goldman Sachs Group set a $653.00 price target on shares of Vertex Pharmaceuticals in a report on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $570.83.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company combines research in human genetics with drug discovery and development.

Vertex is best known for its cystic fibrosis portfolio, which includes CFTR modulator therapies such as Kalydeco, Orkambi, Symdeko and the combination marketed as Trikafta in the United States and Kaftrio in other markets.

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