Vertex Pharmaceuticals Incorporated $VRTX Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 3.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,586,427 shares of the pharmaceutical company’s stock after buying an additional 58,841 shares during the quarter. Bank of New York Mellon Corp’s holdings in Vertex Pharmaceuticals were worth $708,403,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Motiv8 Investments LLC acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth $26,000. Swiss RE Ltd. acquired a new position in Vertex Pharmaceuticals during the fourth quarter valued at $28,000. Eagle Bay Advisors LLC acquired a new position in Vertex Pharmaceuticals during the fourth quarter valued at $29,000. IMG Wealth Management Inc. boosted its holdings in Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock valued at $31,000 after purchasing an additional 50 shares during the last quarter. Finally, Ares Financial Consulting LLC purchased a new stake in Vertex Pharmaceuticals in the fourth quarter valued at $33,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Sangeeta N. Bhatia sold 318 shares of Vertex Pharmaceuticals stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.73, for a total value of $134,746.14. Following the sale, the director owned 4,924 shares of the company’s stock, valued at approximately $2,086,446.52. This trade represents a 6.07% decrease in their position. The transaction was disclosed in a legal 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, CMO Carmen Bozic sold 6,988 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $450.00, for a total transaction of $3,144,600.00. Following the completion of the sale, the chief marketing officer directly owned 26,088 shares of the company’s stock, valued at approximately $11,739,600. The trade was a 21.13% decrease in their position. 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. Over the last ninety days, insiders have sold 18,874 shares of company stock worth $8,707,966. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Trading Up 1.9%

Shares of VRTX stock opened at $486.03 on Friday. The company has a market capitalization of $123.35 billion, a P/E ratio of 28.83, a P/E/G ratio of 2.07 and a beta of 0.29. The business’s 50 day moving average is $461.42 and its two-hundred day moving average is $458.82. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $533.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating the consensus estimate of $4.24 by $0.23. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.Vertex Pharmaceuticals’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company earned $4.06 earnings per share. On average, research analysts predict that Vertex Pharmaceuticals Incorporated will post 17.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VRTX has been the subject of a number of recent research reports. Wall Street Zen lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Truist Financial upped their target price on Vertex Pharmaceuticals from $542.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday. Morgan Stanley raised their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Weiss Ratings cut Vertex Pharmaceuticals from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, June 30th. Finally, Sanford C. Bernstein decreased their price target on Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating for the company in a report on Tuesday, May 5th. Twenty-one research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $559.61.

Vertex Pharmaceuticals 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.