Vertex Pharmaceuticals Incorporated $VRTX Stake Boosted by Lazard Asset Management LLC

Lazard Asset Management LLC raised its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 7.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 213,131 shares of the pharmaceutical company’s stock after acquiring an additional 14,181 shares during the period. Lazard Asset Management LLC’s holdings in Vertex Pharmaceuticals were worth $95,172,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of VRTX. Brighton Jones LLC increased its holdings in shares of Vertex Pharmaceuticals by 15.0% during the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock valued at $1,783,000 after purchasing an additional 579 shares during the period. Gamco Investors INC. ET AL bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $228,000. NewEdge Advisors LLC increased its holdings in shares of Vertex Pharmaceuticals by 9.0% in the second quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company’s stock valued at $5,311,000 after buying an additional 986 shares in the last quarter. ICW Investment Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 5.0% during the second quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company’s stock worth $269,000 after purchasing an additional 29 shares during the period. Finally, Diversify Advisory Services LLC lifted its stake in Vertex Pharmaceuticals by 26.3% during the second quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company’s stock valued at $3,246,000 after buying an additional 1,518 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

Wall Street Analysts Forecast Growth

VRTX has been the topic of a number of research reports. Truist Financial upped their target price on Vertex Pharmaceuticals from $542.00 to $560.00 and gave the company a “buy” rating in a report on Monday, July 13th. Barclays boosted their target price on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, July 17th. Canaccord Genuity Group dropped their price target on Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating on the stock in a research report on Tuesday, May 5th. Finally, UBS Group upped their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $559.61.

Vertex Pharmaceuticals Trading Up 0.3%

Shares of NASDAQ VRTX opened at $479.00 on Tuesday. The company has a 50-day moving average of $466.62 and a two-hundred day moving average of $459.95. Vertex Pharmaceuticals Incorporated has a 1-year low of $362.50 and a 1-year high of $533.67. The company has a market cap of $121.57 billion, a PE ratio of 28.41, a P/E/G ratio of 2.15 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the company posted $4.06 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. As a group, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 17.01 earnings per share for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, EVP Joy Liu sold 1,104 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $425.02, for a total value of $469,222.08. Following the completion of the transaction, the executive vice president directly owned 20,729 shares of the company’s stock, valued at approximately $8,810,239.58. This represents a 5.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $482.50, for a total value of $287,570.00. Following the transaction, the chief marketing officer owned 15,337 shares of the company’s stock, valued at approximately $7,400,102.50. The trade was a 3.74% 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 18,874 shares of company stock worth $8,707,966 in the last quarter. Company insiders own 0.20% of the company’s stock.

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.