Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by Beacon Investment Advisory Services Inc.

Key Points

• Beacon Investment Advisory Services cut its Vertex Pharmaceuticals position by 4.9% in the second quarter, selling 2,724 shares and retaining 53,380 shares valued at $26.5 million. Institutional investors collectively own 90.96% of VRTX, while insiders have sold $8.1 million worth of shares over the past 90 days.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $563.50. Several firms recently raised their targets, including Barclays, UBS, RBC and Truist.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above expectations, although adjusted EPS of $4.73 narrowly missed consensus. Shares opened at $496.07, near the middle of their 52-week range.

Beacon Investment Advisory Services Inc. trimmed its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 4.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,380 shares of the pharmaceutical company's stock after selling 2,724 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Vertex Pharmaceuticals were worth $26,515,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of VRTX. Bangor Savings Bank lifted 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 purchasing an additional 20 shares in the last quarter. Earned Wealth Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 3.3% during the fourth quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company's stock worth $295,000 after buying an additional 21 shares in the last quarter. Confluence Wealth Services Inc. raised its position in shares of Vertex Pharmaceuticals by 4.0% in the fourth quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock valued at $247,000 after buying an additional 21 shares during the last quarter. Williams Jones Wealth Management LLC. raised its position in shares of Vertex Pharmaceuticals by 1.9% in the fourth 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 last quarter. Finally, Trust Point Inc. lifted its stake in shares of Vertex Pharmaceuticals by 2.7% during the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock valued at $394,000 after buying an additional 21 shares during the period. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CMO Carmen Bozic sold 596 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the sale, the chief marketing officer owned 15,337 shares in the company, valued at $7,400,102.50. This trade represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president owned 11,001 shares of the company's stock, valued at $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. 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 have sold 17,452 shares of company stock worth $8,103,997 over the last 90 days. Company insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

VRTX has been the topic of a number of analyst reports. Barclays raised their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an "overweight" rating in a research report on Wednesday. UBS Group increased their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Royal Bank Of Canada raised their price objective on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Finally, Truist Financial increased 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. 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, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $563.50.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ VRTX opened at $496.07 on Friday. Vertex Pharmaceuticals Incorporated has a 1-year low of $362.50 and a 1-year high of $533.67. The company has a market capitalization of $125.90 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 2.00 and a beta of 0.30. The business has a 50-day moving average of $474.84 and a 200-day moving average of $461.51.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced 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). The company had revenue of $3.33 billion for 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 business's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.52 earnings per share. Research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

Key Vertex Pharmaceuticals News

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

• Positive Sentiment: Barclays maintained its Buy rating on Vertex, reinforcing confidence in the company’s established cystic-fibrosis franchise and broader pipeline. Barclays Sticks to Its Buy Rating for Vertex Pharmaceuticals
• Positive Sentiment: Scotiabank also initiated or reiterated a Buy view, adding to the positive sell-side consensus around VRTX. Vertex Pharmaceuticals Gets a Buy from Scotiabank
• Positive Sentiment: Cantor Fitzgerald raised its price target to $595, implying additional upside and signaling confidence in Vertex’s earnings power and growth prospects. Cantor Fitzgerald Boosts Vertex Pharmaceuticals Price Target
• Positive Sentiment: Canaccord Genuity analysts likewise expect Vertex’s stock to rise, providing another favorable valuation signal. Vertex Pharmaceuticals Stock Price Expected to Rise
• Neutral Sentiment: Recent analyst roundups discuss Vertex alongside other healthcare companies, but the available reports do not identify a material change to VRTX’s outlook or a new company-specific catalyst. Analysts Offer Insights on Vertex Pharmaceuticals and Q32 Bio Analysts Offer Insights on Vertex Pharmaceuticals, Ocular Therapeutix and Arcus Biosciences
• Negative Sentiment: Investor concern is rising that a smaller biotech could eventually disrupt Vertex’s cystic-fibrosis “empire,” creating a long-term competitive risk to its core revenue base. Could One Tiny Biotech Topple Vertex Pharmaceuticals’ Cystic Fibrosis Empire?

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.

Want to see what other hedge funds are holding VRTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source