NewEdge Wealth LLC Takes Position in Vertex Pharmaceuticals Incorporated $VRTX

NewEdge Wealth LLC bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the second quarter, Holdings Channel reports. The firm bought 11,305 shares of the pharmaceutical company’s stock, valued at approximately $5,616,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VRTX. Meeder Asset Management Inc. purchased a new position in Vertex Pharmaceuticals in the second quarter valued at approximately $26,000. Community Financial Services Group LLC purchased a new stake in Vertex Pharmaceuticals during the second quarter worth approximately $26,000. Elevation Wealth Partners LLC grew its stake in Vertex Pharmaceuticals by 103.7% during the second 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. Motiv8 Investments LLC acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth $26,000. Finally, Swiss RE Ltd. acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth $28,000. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Up 4.5%

VRTX opened at $552.06 on Thursday. The firm has a market capitalization of $140.11 billion, a P/E ratio of 32.13, a P/E/G ratio of 2.19 and a beta of 0.30. The firm’s 50 day moving average is $488.69 and its 200-day moving average is $464.85. Vertex Pharmaceuticals Incorporated has a 52-week low of $374.17 and a 52-week high of $553.69.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing the consensus estimate of $4.74 by ($0.01). The firm had revenue of $3.33 billion during 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%. Vertex Pharmaceuticals’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted $4.52 earnings per share. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal 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 on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the transaction, the executive vice president owned 11,001 shares in the company, valued at $5,709,519. The trade was a 12.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the transaction, the executive vice president directly owned 45,321 shares of the company’s stock, valued at approximately $23,793,071.79. The trade was a 3.20% 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 10,464 shares of company stock valued at $4,959,397 in the last quarter. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on VRTX shares. Wall Street Zen lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. Canaccord Genuity Group increased their price target on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Weiss Ratings raised Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 5th. Morgan Stanley boosted their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Finally, Cantor Fitzgerald upped their target price on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $563.50.

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.