Vertex Pharmaceuticals (NASDAQ:VRTX) EVP Ourania Tatsis Sells 1,500 Shares of Stock

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) EVP Ourania Tatsis sold 1,500 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president owned 45,321 shares of the company’s stock, valued at $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $522.25 on Wednesday. The company’s fifty day moving average price is $453.10 and its 200-day moving average price is $457.50. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $533.67. The company has a market capitalization of $132.55 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 2.27 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly 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. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.06 EPS. On average, research analysts predict that Vertex Pharmaceuticals Incorporated will post 17.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Vertex Pharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Motiv8 Investments LLC bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter valued at approximately $26,000. Swiss RE Ltd. bought a new stake in Vertex Pharmaceuticals in the fourth quarter worth $28,000. Eagle Bay Advisors LLC purchased a new position in Vertex Pharmaceuticals during the fourth quarter worth $29,000. IMG Wealth Management Inc. boosted its stake in Vertex Pharmaceuticals by 277.8% during the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock worth $31,000 after buying an additional 50 shares during the period. Finally, Ares Financial Consulting LLC bought a new position in Vertex Pharmaceuticals during the fourth quarter valued at $33,000. 90.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

VRTX has been the topic of a number of research analyst reports. Canaccord Genuity Group decreased their target price 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. Weiss Ratings cut Vertex Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, June 30th. Oppenheimer lifted their price objective on Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 10th. Sanford C. Bernstein decreased their price objective on Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Finally, Wall Street Zen downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. Twenty-one analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $557.09.

Key Stories Impacting Vertex Pharmaceuticals

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

• Positive Sentiment: Vertex’s acquisition of Crinetics gives it an immediate entry into rare endocrine disease, broadens its pipeline, and could add meaningful long-term revenue growth. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: The deal includes an approved drug and a late-stage candidate, which should reduce development risk and strengthen Vertex’s growth story beyond its core cystic fibrosis franchise. Vertex’s Crinetics Deal Balances Growth with Integration Risk
• Neutral Sentiment: Several reports noted that Vertex shares pulled back modestly after the announcement, suggesting some investors may be weighing integration risk and the size of the cash outlay. M&A News: Vertex Stock Slips After Announcing $10B Crinetics Acquisition
• Neutral Sentiment: Two Vertex executives also disclosed pre-planned stock sales, but the trades were executed under Rule 10b5-1 plans, making them less likely to signal a change in fundamentals. SEC filing for Duncan Mckechnie
• Neutral Sentiment: Another executive sale was disclosed under a pre-arranged trading plan, which may add some headline noise but does not necessarily indicate insider concern. SEC filing for Ourania Tatsis

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.