Oppenheimer Asset Management Inc. Makes New Investment in Vertex Pharmaceuticals Incorporated $VRTX

Oppenheimer Asset Management Inc. bought a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,931 shares of the pharmaceutical company’s stock, valued at approximately $8,907,000.

A number of other hedge funds have also recently modified their holdings of VRTX. Bangor Savings Bank grew its position in Vertex Pharmaceuticals by 0.4% in the 2nd quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock valued at $2,220,000 after acquiring an additional 20 shares during the last quarter. Earned Wealth Advisors LLC boosted its stake in shares of Vertex Pharmaceuticals by 3.3% during the fourth quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company’s stock valued at $295,000 after purchasing an additional 21 shares during the period. Confluence Wealth Services Inc. grew its holdings in shares of 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 purchasing an additional 21 shares during the last quarter. Trust Point Inc. increased its stake in Vertex Pharmaceuticals by 2.7% in the 2nd quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock worth $394,000 after buying an additional 21 shares during the period. Finally, Williams Jones Wealth Management LLC. lifted its holdings in Vertex Pharmaceuticals by 1.9% during the 4th 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 in the last quarter. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Down 2.1%

Shares of NASDAQ:VRTX opened at $505.75 on Friday. The company has a market capitalization of $128.36 billion, a price-to-earnings ratio of 29.44, a price-to-earnings-growth ratio of 2.14 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $546.17. The firm has a 50 day moving average of $483.26 and a 200 day moving average of $463.76.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.23 billion. During the same quarter in the prior year, the company earned $4.52 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of Vertex Pharmaceuticals stock in a transaction dated Thursday, July 2nd. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 business’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 represents a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,464 shares of company stock worth $4,959,397 in the last three months. 0.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Canaccord Genuity Group upped their target price on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a “hold” rating in a research note on Tuesday, August 4th. Truist Financial increased their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Weiss Ratings raised Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 5th. Barclays upped their target price on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Finally, Cantor Fitzgerald raised their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an “overweight” rating in a research note 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 issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.