Lake Street Private Wealth LLC Raises Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Lake Street Private Wealth LLC increased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 212.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,185 shares of the pharmaceutical company’s stock after buying an additional 3,528 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Vertex Pharmaceuticals were worth $2,411,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new position in shares of Vertex Pharmaceuticals in the third quarter worth $25,000. GHP Investment Advisors Inc. purchased a new position in Vertex Pharmaceuticals during the 2nd quarter valued at $29,000. Annapolis Financial Services LLC purchased a new position in Vertex Pharmaceuticals during the 1st quarter valued at $27,000. Stephens Consulting LLC purchased a new position in Vertex Pharmaceuticals during the 2nd quarter valued at $31,000. Finally, Founders Capital Management increased its position in Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after purchasing an additional 25 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VRTX has been the topic of a number of research reports. Raymond James restated a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Oppenheimer boosted their target price on shares of Vertex Pharmaceuticals from $500.00 to $550.00 and gave the company an “outperform” rating in a report on Monday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $600.00 price target on shares of Vertex Pharmaceuticals in a research note on Monday. Needham & Company LLC restated a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, July 26th. Finally, Morgan Stanley upped their price target on shares of Vertex Pharmaceuticals from $462.00 to $474.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $492.92.

Vertex Pharmaceuticals Stock Performance

VRTX stock traded down $8.95 during trading on Wednesday, hitting $465.96. 296,298 shares of the company traded hands, compared to its average volume of 1,170,830. The stock’s 50-day simple moving average is $475.63 and its 200 day simple moving average is $461.23. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26. The company has a market cap of $120.24 billion, a PE ratio of 30.82 and a beta of 0.40. Vertex Pharmaceuticals Incorporated has a 1 year low of $341.90 and a 1 year high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the firm posted $3.53 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts expect that Vertex Pharmaceuticals Incorporated will post -2.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Bruce I. Sachs sold 5,295 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $20,320,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 5,295 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the sale, the director now owns 40,000 shares in the company, valued at $20,320,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CMO Carmen Bozic sold 2,280 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total value of $1,086,990.00. Following the sale, the chief marketing officer now owns 23,259 shares in the company, valued at approximately $11,088,728.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,005 shares of company stock valued at $5,988,066. Corporate insiders own 0.20% of the company’s stock.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.