Vertex Pharmaceuticals (NASDAQ:VRTX) EVP Duncan Mckechnie Sells 1,541 Shares of Stock

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) EVP Duncan Mckechnie sold 1,541 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the transaction, the executive vice president owned 11,001 shares in the company, valued at $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $522.25 on Wednesday. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $533.67. The stock has a market cap of $132.55 billion, a price-to-earnings ratio of 30.98, a PEG ratio of 2.27 and a beta of 0.29. The firm’s 50-day moving average is $453.10 and its 200-day moving average is $457.50.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. The business had revenue of $2.99 billion during 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%.Vertex Pharmaceuticals’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company posted $4.06 earnings per share. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 17.02 EPS for the current fiscal year.

Hedge Funds Weigh In On Vertex Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of VRTX. Norges Bank bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth $1,440,149,000. Capital International Investors increased its stake in shares of Vertex Pharmaceuticals by 77.9% in the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company’s stock valued at $1,836,550,000 after purchasing an additional 2,053,156 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Vertex Pharmaceuticals by 49.4% in the 4th quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company’s stock valued at $1,521,851,000 after purchasing an additional 1,109,200 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Vertex Pharmaceuticals by 4.6% during the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company’s stock worth $7,850,544,000 after buying an additional 763,063 shares in the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new stake in Vertex Pharmaceuticals in the fourth quarter valued at about $166,317,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Vertex Pharmaceuticals

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

• Positive Sentiment: Vertex’s acquisition of Crinetics gives it an immediate entry into rare endocrine disease, broadens its pipeline, and could add meaningful long-term revenue growth. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: The deal includes an approved drug and a late-stage candidate, which should reduce development risk and strengthen Vertex’s growth story beyond its core cystic fibrosis franchise. Vertex’s Crinetics Deal Balances Growth with Integration Risk
• Neutral Sentiment: Several reports noted that Vertex shares pulled back modestly after the announcement, suggesting some investors may be weighing integration risk and the size of the cash outlay. M&A News: Vertex Stock Slips After Announcing $10B Crinetics Acquisition
• Neutral Sentiment: Two Vertex executives also disclosed pre-planned stock sales, but the trades were executed under Rule 10b5-1 plans, making them less likely to signal a change in fundamentals. SEC filing for Duncan Mckechnie
• Neutral Sentiment: Another executive sale was disclosed under a pre-arranged trading plan, which may add some headline noise but does not necessarily indicate insider concern. SEC filing for Ourania Tatsis

Analyst Upgrades and Downgrades

VRTX has been the subject of several research reports. HC Wainwright raised their price target on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the company a “buy” rating in a report on Tuesday, March 10th. 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 report on Tuesday. Bank of America increased their price objective on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the company a “buy” rating in a research report on Tuesday, March 10th. Oppenheimer raised their target price on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 10th. Finally, Canaccord Genuity Group reduced their target price on shares of Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating for the company in a report on Tuesday, May 5th. Twenty-one analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $557.09.

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.