Insider Selling: Vertex Pharmaceuticals (NASDAQ:VRTX) EVP Sells $799,779.00 in Stock

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) EVP Duncan Mckechnie sold 1,541 shares of the firm’s 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 completion of the transaction, the executive vice president owned 11,001 shares of the company’s stock, valued at approximately $5,709,519. This represents a 12.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Vertex Pharmaceuticals Stock Down 0.4%

Shares of VRTX opened at $496.50 on Friday. The business’s 50-day moving average price is $455.88 and its 200-day moving average price is $458.14. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $533.67. The stock has a market cap of $126.01 billion, a PE ratio of 29.45, a P/E/G ratio of 2.13 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating analysts’ consensus estimates of $4.24 by $0.23. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. Vertex Pharmaceuticals’s revenue was up 8.3% compared to the same quarter last year. During the same period last year, the business earned $4.06 earnings per share. Analysts expect that Vertex Pharmaceuticals Incorporated will post 17.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on VRTX. Truist Financial initiated coverage on shares of Vertex Pharmaceuticals in a research report on Wednesday, May 27th. They set a “buy” rating and a $542.00 price target for the company. Sanford C. Bernstein lowered their price objective on Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. Barclays boosted their target price on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada upped their target price on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Morgan Stanley raised their price target on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Twenty-one research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $557.09.

Key Headlines Impacting Vertex Pharmaceuticals

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

• Positive Sentiment: Vertex’s $10 billion acquisition of Crinetics could accelerate growth beyond cystic fibrosis by adding a marketed endocrine drug and a late-stage pipeline candidate. Vertex (VRTX) Is Buying Crinetics For $10 Billion And Entering Endocrinology
• Positive Sentiment: The FDA’s expanded approval for CASGEVY in children as young as 2 years old strengthens Vertex’s gene-therapy franchise and could widen the product’s commercial reach. Vertex (VRTX) is One of the Best QQQ Stocks to Invest in
• Neutral Sentiment: Some reports note that investors are balancing the growth potential of the Crinetics deal against integration risk and the size of the cash outlay. Vertex’s Crinetics Deal Balances Growth with Integration Risk
• Neutral Sentiment: Recent executive stock sales were disclosed under pre-arranged 10b5-1 plans, which may create headline noise but do not necessarily signal a change in fundamentals. Ourania Tatsis Sells 1,500 Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) Stock
• Neutral Sentiment: Analyst coverage remains broadly supportive, with most firms maintaining Buy ratings and high price targets, though one recent downgrade to Hold adds a bit of caution. Citi Remains a Buy on Vertex Pharmaceuticals (VRTX)

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in VRTX. Redhawk Wealth Advisors Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 2.2% in the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 1,190 shares of the pharmaceutical company’s stock worth $591,000 after purchasing an additional 26 shares in the last quarter. Community Financial Services Group LLC bought a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $26,000. Perkins Coie Trust Co purchased a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $47,000. Hoffman Alan N Investment Management bought a new stake in Vertex Pharmaceuticals in the 2nd quarter worth approximately $219,000. Finally, Fulton Bank N.A. boosted its stake in Vertex Pharmaceuticals by 9.1% in the second quarter. Fulton Bank N.A. now owns 987 shares of the pharmaceutical company’s stock worth $490,000 after buying an additional 82 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

About Vertex Pharmaceuticals

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.