Perennial Investment Advisors LLC Purchases New Position in Vertex Pharmaceuticals Incorporated $VRTX

Perennial Investment Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, Holdings Channel reports. The firm bought 1,300 shares of the pharmaceutical company’s stock, valued at approximately $645,000.

A number of other large investors have also added to or reduced their stakes in VRTX. Meeder Asset Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter worth about $26,000. Community Financial Services Group LLC purchased a new position in shares of Vertex Pharmaceuticals in the second quarter valued at $26,000. Elevation Wealth Partners LLC increased its holdings in shares of Vertex Pharmaceuticals by 103.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock worth $27,000 after buying an additional 28 shares during the last quarter. Motiv8 Investments LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $26,000. Finally, Swiss RE Ltd. bought a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $28,000. Institutional investors own 90.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VRTX. Truist Financial boosted 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. Cantor Fitzgerald lifted their target price on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Royal Bank Of Canada raised their price target on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $563.50.

Insider Activity

In other news, EVP Ourania Tatsis sold 1,500 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the completion of the sale, the executive vice president owned 45,321 shares of the company’s stock, valued at $23,793,071.79. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $799,779.00. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 10,464 shares of company stock worth $4,959,397. Corporate insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Down 1.0%

VRTX opened at $547.29 on Thursday. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $555.69. The stock’s fifty day moving average is $498.36 and its two-hundred day moving average is $467.66. The company has a market capitalization of $138.90 billion, a P/E ratio of 31.86, a PEG ratio of 2.40 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.74 by ($0.01). The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $4.52 earnings per share. Equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

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.