NewEdge Wealth LLC Purchases 2,754 Shares of Vertex Pharmaceuticals Incorporated $VRTX

NewEdge Wealth LLC increased its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 48.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,402 shares of the pharmaceutical company’s stock after buying an additional 2,754 shares during the period. NewEdge Wealth LLC’s holdings in Vertex Pharmaceuticals were worth $3,809,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Vertex Pharmaceuticals by 3.8% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 544,978 shares of the pharmaceutical company’s stock valued at $213,435,000 after purchasing an additional 20,053 shares during the period. Danske Bank A S acquired a new position in Vertex Pharmaceuticals during the third quarter worth $64,417,000. Leuthold Group LLC acquired a new position in Vertex Pharmaceuticals during the third quarter worth $5,030,000. Legacy Capital Group California Inc. acquired a new position in Vertex Pharmaceuticals during the third quarter worth $956,000. Finally, ING Groep NV acquired a new position in Vertex Pharmaceuticals during the third quarter worth $4,695,000. 90.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

VRTX has been the subject of several recent analyst reports. Canaccord Genuity Group dropped their price objective on Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating for the company in a research note on Tuesday, May 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $590.00 price objective on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Citigroup increased their price objective on Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Maxim Group upgraded Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $575.00 price objective for the company in a research note on Wednesday, March 18th. Finally, Jefferies Financial Group initiated coverage on Vertex Pharmaceuticals in a research note on Tuesday, March 10th. They set a “buy” rating and a $580.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $555.17.

Insider Activity at Vertex Pharmaceuticals

In other news, EVP Jonathan Biller sold 945 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total transaction of $459,600.75. Following the sale, the executive vice president owned 13,659 shares in the company, valued at approximately $6,643,054.65. This represents a 6.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark E. Bunnage sold 620 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $301,537.00. Following the sale, the executive vice president owned 7,284 shares in the company, valued at $3,542,573.40. The trade was a 7.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 81,853 shares of company stock valued at $38,479,135. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $435.17 on Tuesday. The stock’s fifty day moving average is $448.49 and its 200-day moving average is $449.92. The stock has a market capitalization of $110.45 billion, a PE ratio of 25.81, a PEG ratio of 1.84 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping the consensus estimate of $4.24 by $0.23. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.06 earnings per share. As a group, analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.96 earnings per share for the current fiscal year.

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.