Washington Trust Bank Sells 3,603 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Washington Trust Bank reduced its Vertex Pharmaceuticals stake by 14.5%, selling 3,603 shares and retaining 21,320 shares valued at approximately $10.59 million. Institutional investors collectively own 90.96% of the company.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, though adjusted EPS of $4.73 narrowly missed estimates by $0.01. The stock opened at $541.69, near its 52-week high of $555.69.
• Wall Street maintains a positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $563.50; several analysts recently raised their targets above $570.

Washington Trust Bank cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 14.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,320 shares of the pharmaceutical company's stock after selling 3,603 shares during the period. Washington Trust Bank's holdings in Vertex Pharmaceuticals were worth $10,590,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. New Mexico Educational Retirement Board lifted its stake in Vertex Pharmaceuticals by 8.5% during the 2nd quarter. New Mexico Educational Retirement Board now owns 12,700 shares of the pharmaceutical company's stock valued at $6,308,000 after acquiring an additional 1,000 shares during the period. Mufg Securities Americas Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 8.8% during the 2nd quarter. Mufg Securities Americas Inc. now owns 7,645 shares of the pharmaceutical company's stock valued at $3,798,000 after acquiring an additional 617 shares during the last quarter. Nissay Asset Management Corp Japan grew its stake in shares of Vertex Pharmaceuticals by 6.0% in the second quarter. Nissay Asset Management Corp Japan now owns 75,743 shares of the pharmaceutical company's stock worth $37,624,000 after acquiring an additional 4,280 shares during the period. Hsbc Holdings PLC grew its stake in shares of Vertex Pharmaceuticals by 3.2% in the second quarter. Hsbc Holdings PLC now owns 676,247 shares of the pharmaceutical company's stock worth $335,813,000 after acquiring an additional 21,104 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Vertex Pharmaceuticals by 1.1% during the second quarter. Wellington Management Group LLP now owns 3,247,658 shares of the pharmaceutical company's stock valued at $1,613,209,000 after purchasing an additional 35,069 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $541.69 on Friday. The business's fifty day moving average is $502.08 and its 200 day moving average is $468.67. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $374.17 and a fifty-two week high of $555.69. The company has a market capitalization 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.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The company had revenue of $3.33 billion during the quarter, compared to analysts' expectations of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.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 company earned $4.52 EPS. On average, sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, CMO Carmen Bozic sold 4,062 shares of the firm's stock in a transaction on Monday, June 15th. The shares were 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 in the company, valued at $7,628,850. This trade represents a 19.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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 directly owned 11,001 shares of the company's stock, valued at $5,709,519. This represents a 12.29% 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 have sold 10,464 shares of company stock valued at $4,959,397 over the last 90 days. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on VRTX shares. Stifel Nicolaus set a $500.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday, August 4th. UBS Group lifted their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Barclays boosted their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Royal Bank Of Canada increased their price target on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Finally, Truist Financial raised their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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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