Summit Global Investments Invests $3.57 Million in Vertex Pharmaceuticals Incorporated $VRTX

Summit Global Investments acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,182 shares of the pharmaceutical company’s stock, valued at approximately $3,568,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Allworth Financial LP increased its position in shares of Vertex Pharmaceuticals by 414.1% during the fourth quarter. Allworth Financial LP now owns 14,036 shares of the pharmaceutical company’s stock worth $6,363,000 after purchasing an additional 11,306 shares in the last quarter. Calamos Advisors LLC boosted its position in shares of Vertex Pharmaceuticals by 77.1% in the 1st quarter. Calamos Advisors LLC now owns 77,886 shares of the pharmaceutical company’s stock valued at $34,779,000 after purchasing an additional 33,917 shares during the period. Sandro Wealth Management LLC acquired a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $1,436,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. grew its stake in Vertex Pharmaceuticals by 11.9% during the 1st quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 34,991 shares of the pharmaceutical company’s stock worth $15,625,000 after buying an additional 3,710 shares during the last quarter. Finally, Meiji Yasuda America Inc purchased a new position in Vertex Pharmaceuticals during the 4th quarter worth approximately $1,911,000. Institutional investors and hedge funds own 90.96% of the company’s stock.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 596 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the completion of the transaction, the chief marketing officer owned 15,337 shares in the company, valued at approximately $7,400,102.50. This represents a 3.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the transaction, the executive vice president owned 45,321 shares in the company, valued at approximately $23,793,071.79. This trade represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 10,464 shares of company stock valued at $4,959,397 over the last three months. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Stock Down 2.1%

VRTX opened at $505.75 on Friday. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $546.17. The business has a 50 day moving average price of $483.26 and a two-hundred day moving average price of $463.76. The company has a market cap of $128.36 billion, a PE ratio of 29.44, a P/E/G ratio of 2.14 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing the consensus estimate of $4.74 by ($0.01). The company had revenue of $3.33 billion during 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 company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the business posted $4.52 earnings per share. As a group, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

VRTX has been the subject of a number of research reports. Royal Bank Of Canada boosted their price objective on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Barclays raised their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Truist Financial lifted their target price on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Cantor Fitzgerald upped their price target on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, UBS Group increased their price target on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $563.50.

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.