Beacon Investment Advisory Services Inc. Trims Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Beacon Investment Advisory Services Inc. lessened its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,380 shares of the pharmaceutical company’s stock after selling 2,724 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Vertex Pharmaceuticals were worth $26,515,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in VRTX. Bangor Savings Bank grew its position in shares of Vertex Pharmaceuticals by 0.4% during the 2nd quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock valued at $2,220,000 after buying an additional 20 shares during the last quarter. Earned Wealth Advisors LLC lifted its holdings in Vertex Pharmaceuticals by 3.3% in the fourth quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company’s stock worth $295,000 after acquiring an additional 21 shares during the last quarter. Confluence Wealth Services Inc. lifted its holdings in Vertex Pharmaceuticals by 4.0% in the fourth quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company’s stock worth $247,000 after acquiring an additional 21 shares during the last quarter. Williams Jones Wealth Management LLC. boosted its stake in Vertex Pharmaceuticals by 1.9% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock valued at $524,000 after acquiring an additional 21 shares during the period. Finally, Trust Point Inc. boosted its stake in Vertex Pharmaceuticals by 2.7% in the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock valued at $394,000 after acquiring an additional 21 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

More Vertex Pharmaceuticals News

Here are the key news stories impacting Vertex Pharmaceuticals this week:

• Positive Sentiment: Barclays maintained its Buy rating on Vertex, reinforcing confidence in the company’s established cystic-fibrosis franchise and broader pipeline. Barclays Sticks to Its Buy Rating for Vertex Pharmaceuticals
• Positive Sentiment: Scotiabank also initiated or reiterated a Buy view, adding to the positive sell-side consensus around VRTX. Vertex Pharmaceuticals Gets a Buy from Scotiabank
• Positive Sentiment: Cantor Fitzgerald raised its price target to $595, implying additional upside and signaling confidence in Vertex’s earnings power and growth prospects. Cantor Fitzgerald Boosts Vertex Pharmaceuticals Price Target
• Positive Sentiment: Canaccord Genuity analysts likewise expect Vertex’s stock to rise, providing another favorable valuation signal. Vertex Pharmaceuticals Stock Price Expected to Rise
• Neutral Sentiment: Recent analyst roundups discuss Vertex alongside other healthcare companies, but the available reports do not identify a material change to VRTX’s outlook or a new company-specific catalyst. Analysts Offer Insights on Vertex Pharmaceuticals and Q32 Bio Analysts Offer Insights on Vertex Pharmaceuticals, Ocular Therapeutix and Arcus Biosciences
• Negative Sentiment: Investor concern is rising that a smaller biotech could eventually disrupt Vertex’s cystic-fibrosis “empire,” creating a long-term competitive risk to its core revenue base. Could One Tiny Biotech Topple Vertex Pharmaceuticals’ Cystic Fibrosis Empire?

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Barclays increased their price target on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research report on Wednesday. Royal Bank Of Canada boosted their price objective on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Truist Financial increased 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. UBS Group boosted their price target on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Cantor Fitzgerald increased their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $496.07 on Friday. The firm has a 50 day simple moving average of $474.84 and a 200-day simple moving average of $461.51. The stock has a market capitalization of $125.90 billion, a PE ratio of 28.87, a price-to-earnings-growth ratio of 2.00 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $533.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its 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 the consensus estimate of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.Vertex Pharmaceuticals’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.52 EPS. On average, analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Ourania Tatsis sold 1,500 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was 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 owned 45,321 shares of the company’s stock, valued at $23,793,071.79. This trade represents a 3.20% decrease in their ownership of the stock. 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, CMO Carmen Bozic sold 6,988 shares of Vertex Pharmaceuticals stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $450.00, for a total value of $3,144,600.00. Following the transaction, the chief marketing officer directly owned 26,088 shares in the company, valued at approximately $11,739,600. The trade was a 21.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 17,452 shares of company stock worth $8,103,997. 0.20% of the stock is owned by company 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.