Wealthfront Advisers LLC Purchases New Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Wealthfront Advisers acquired 41,608 Vertex Pharmaceuticals shares worth approximately $20.7 million during the second quarter. Institutional investors collectively own 90.96% of VRTX.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, while adjusted EPS of $4.73 narrowly missed analysts’ $4.74 estimate.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and a $563.50 target price. VRTX recently opened at $528.19, while insiders have sold 10,464 shares worth about $5.0 million over the past 90 days.

Wealthfront Advisers LLC acquired a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 41,608 shares of the pharmaceutical company's stock, valued at approximately $20,668,000.

Other large investors have also recently bought and sold shares of the company. Community Financial Services Group LLC acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter valued at $26,000. Motiv8 Investments LLC acquired a new stake in Vertex Pharmaceuticals during the 4th quarter worth $26,000. Elevation Wealth Partners LLC raised its stake in Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock worth $27,000 after buying an additional 28 shares during the period. Finally, Swiss RE Ltd. bought a new position in Vertex Pharmaceuticals during the fourth quarter worth about $28,000. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX opened at $528.19 on Wednesday. The stock's 50-day simple moving average is $486.36 and its 200 day simple moving average is $464.31. The company has a market cap of $134.05 billion, a P/E ratio of 30.74, a P/E/G ratio of 2.09 and a beta of 0.30. 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 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 company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period last year, the company posted $4.52 earnings per share. As a group, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VRTX. Barclays boosted their target price on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Truist Financial lifted their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Weiss Ratings upgraded Vertex Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 5th. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals in a research note on Tuesday, August 4th. Finally, TD Cowen raised their target price on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Activity

In other news, EVP Ourania Tatsis sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value 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 represents a 3.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the firm'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 directly owned 11,001 shares of the company's stock, valued at $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 10,464 shares of company stock valued at $4,959,397. 0.20% of the stock is owned by insiders.

Vertex Pharmaceuticals Profile

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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