Corient Private Wealth LP Purchases New Shares in Vertex Pharmaceuticals Incorporated $VRTX

Corient Private Wealth LP purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 112,098 shares of the pharmaceutical company’s stock, valued at approximately $55,682,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of VRTX. Bangor Savings Bank raised its stake in 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 purchasing an additional 20 shares during the period. Trust Point Inc. grew its holdings in shares of Vertex Pharmaceuticals by 2.7% during the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock valued at $394,000 after buying an additional 21 shares in the last quarter. Williams Jones Wealth Management LLC. raised its position in Vertex Pharmaceuticals by 1.9% during the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock valued at $524,000 after buying an additional 21 shares during the period. Cannell & Spears LLC raised its position in Vertex Pharmaceuticals by 1.2% during the first quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company’s stock valued at $885,000 after buying an additional 23 shares during the period. Finally, Glenview Trust Co lifted its stake in Vertex Pharmaceuticals by 0.3% in the 4th quarter. Glenview Trust Co now owns 7,005 shares of the pharmaceutical company’s stock worth $3,176,000 after acquiring an additional 24 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $547.55 on Friday. Vertex Pharmaceuticals Incorporated has a one year low of $374.17 and a one year high of $555.69. The company has a market capitalization of $138.97 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 2.38 and a beta of 0.30. The company’s fifty day moving average price is $500.28 and its two-hundred day moving average price is $468.15.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion during 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 quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $4.52 EPS. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on VRTX. Cantor Fitzgerald raised their price objective on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. TD Cowen boosted their price objective on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada upped their price objective on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Truist Financial increased their target price on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Barclays lifted 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. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Insider Buying and Selling

In other news, CMO Carmen Bozic sold 4,062 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief marketing officer directly owned 16,953 shares of the company’s stock, valued at approximately $7,628,850. This trade represents a 19.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 10,464 shares of company stock valued at $4,959,397 over the last ninety days. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Company 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.