Miracle Mile Advisors LLC Increases Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Miracle Mile Advisors LLC increased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 13.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 6,568 shares of the pharmaceutical company’s stock after acquiring an additional 785 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Vertex Pharmaceuticals were worth $3,184,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in VRTX. Mascagni Wealth Management Inc. purchased a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $37,000. Truvestments Capital LLC lifted its stake in Vertex Pharmaceuticals by 30.3% during the fourth quarter. Truvestments Capital LLC now owns 99 shares of the pharmaceutical company’s stock worth $40,000 after purchasing an additional 23 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $40,000. Finally, Midwest Capital Advisors LLC purchased a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $41,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Analyst Upgrades and Downgrades

VRTX has been the subject of several recent analyst reports. Bank of America boosted their target price on Vertex Pharmaceuticals from $555.00 to $567.00 and gave the stock a “buy” rating in a research note on Monday, March 31st. Leerink Partnrs cut Vertex Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 6th. Royal Bank of Canada boosted their price objective on Vertex Pharmaceuticals from $420.00 to $423.00 and gave the company a “sector perform” rating in a research note on Tuesday, May 6th. HC Wainwright reiterated a “buy” rating and issued a $550.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, February 11th. Finally, Wall Street Zen upgraded Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Fourteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $515.04.

Vertex Pharmaceuticals Trading Up 1.5%

NASDAQ:VRTX opened at $450.50 on Monday. The stock’s 50 day simple moving average is $465.01 and its 200-day simple moving average is $460.40. Vertex Pharmaceuticals Incorporated has a 12-month low of $377.85 and a 12-month high of $519.88. The firm has a market cap of $115.69 billion, a P/E ratio of -204.77, a PEG ratio of 2.11 and a beta of 0.41. The company has a current ratio of 2.69, a quick ratio of 2.35 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.23). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same period in the prior year, the company earned $4.76 EPS. The company’s revenue was up 2.6% on a year-over-year basis. Equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.