Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by Van ECK Associates Corp

Key Points

• Van ECK Associates reduced its Vertex Pharmaceuticals stake by 1.5% in the second quarter, selling 2,235 shares and retaining 143,881 shares worth approximately $71.5 million. Institutional investors collectively own 90.96% of VRTX.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, though earnings of $4.73 per share narrowly missed analysts’ $4.74 estimate. Shares opened at $541.69, near their 52-week high of $555.69.
• Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $563.50; several firms recently raised their targets, while insiders sold 10,464 shares worth about $5.0 million during the quarter.

Van ECK Associates Corp cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,881 shares of the pharmaceutical company's stock after selling 2,235 shares during the quarter. Van ECK Associates Corp owned 0.06% of Vertex Pharmaceuticals worth $71,470,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $11,975,849,000. Norges Bank purchased a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $1,440,149,000. Bank of America Corp DE acquired a new position in Vertex Pharmaceuticals during the second quarter worth about $1,509,651,000. AIGH Capital Management LLC acquired a new position in Vertex Pharmaceuticals during the second quarter worth about $26,725,000. Finally, Solas Capital Management LLC purchased a new position in Vertex Pharmaceuticals in the second quarter valued at about $20,311,000. Institutional investors and hedge funds own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Down 1.1%

Shares of VRTX opened at $541.69 on Friday. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $374.17 and a fifty-two week high of $555.69. The firm has a market cap of $137.48 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 2.35 and a beta of 0.30. The company's fifty day moving average is $502.08 and its two-hundred day moving average is $468.67.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced 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 firm had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The business's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 earnings per share. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president directly owned 11,001 shares in the company, valued at $5,709,519. The trade was a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the business's stock in a transaction that occurred on Friday, June 26th. The stock was 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 of the company's stock, valued at approximately $7,400,102.50. This represents a 3.74% 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. In the last quarter, insiders sold 10,464 shares of company stock valued at $4,959,397. 0.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

VRTX has been the topic of several research analyst reports. TD Cowen boosted their price target on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Truist Financial boosted 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, August 5th. Barclays upped their target price on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Finally, Stifel Nicolaus set a $500.00 price target on shares of Vertex Pharmaceuticals in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $563.50.

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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