Oppenheimer Asset Management Inc. Makes New Investment in Vertex Pharmaceuticals Incorporated $VRTX

Oppenheimer Asset Management Inc. purchased a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 17,931 shares of the pharmaceutical company’s stock, valued at approximately $8,907,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bangor Savings Bank grew its stake in Vertex Pharmaceuticals by 0.4% during the 2nd quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock worth $2,220,000 after buying an additional 20 shares during the last quarter. Earned Wealth Advisors LLC increased its position in Vertex Pharmaceuticals by 3.3% during the 4th quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company’s stock valued at $295,000 after buying an additional 21 shares in the last quarter. Confluence Wealth Services Inc. increased its position in Vertex Pharmaceuticals by 4.0% during the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company’s stock valued at $247,000 after buying an additional 21 shares in the last quarter. Trust Point Inc. raised its stake in Vertex Pharmaceuticals by 2.7% in the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock valued at $394,000 after buying an additional 21 shares during the last quarter. Finally, Williams Jones Wealth Management LLC. raised its stake in Vertex Pharmaceuticals by 1.9% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock valued at $524,000 after buying an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

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

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same period in the prior year, the company posted $4.52 earnings per share. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. Analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

Insider Activity at Vertex Pharmaceuticals

In related news, CMO Carmen Bozic sold 596 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $482.50, for a total value of $287,570.00. Following the sale, the chief marketing officer owned 15,337 shares in the company, valued at $7,400,102.50. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president owned 11,001 shares in the company, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,464 shares of company stock worth $4,959,397 over the last quarter. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on VRTX shares. Truist Financial boosted their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Canaccord Genuity Group increased their price objective on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a research report on Tuesday, August 4th. UBS Group lifted their target price 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. Stifel Nicolaus set a $500.00 target price on shares of Vertex Pharmaceuticals in a research report on Tuesday, August 4th. Finally, TD Cowen boosted their target price on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $563.50.

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.