Elevation Point Wealth Partners LLC Purchases New Position in Vertex Pharmaceuticals Incorporated $VRTX

Elevation Point Wealth Partners LLC acquired a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 2,252 shares of the pharmaceutical company’s stock, valued at approximately $1,119,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. acquired a new position in shares of Vertex Pharmaceuticals during the second quarter worth $26,000. Community Financial Services Group LLC acquired a new stake in shares of Vertex Pharmaceuticals during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC boosted its holdings in shares of Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 28 shares in the last quarter. Motiv8 Investments LLC bought a new stake in Vertex Pharmaceuticals during the 4th quarter worth $26,000. Finally, Swiss RE Ltd. bought a new stake in Vertex Pharmaceuticals during the 4th quarter worth $28,000. Institutional investors and hedge funds own 90.96% of the company’s stock.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 596 shares of the business’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 transaction, the chief marketing officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the firm’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 transaction of $787,485.00. Following the sale, the executive vice president directly owned 45,321 shares of the company’s stock, valued at approximately $23,793,071.79. This trade represents a 3.20% 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. Over the last three months, insiders sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is owned by corporate insiders.

Vertex Pharmaceuticals Trading Down 0.1%

Shares of VRTX opened at $547.59 on Tuesday. The firm’s fifty day simple moving average is $494.60 and its two-hundred day simple moving average is $466.46. Vertex Pharmaceuticals Incorporated has a 12 month low of $374.17 and a 12 month high of $555.32. The stock has a market capitalization of $138.98 billion, a P/E ratio of 31.87, a price-to-earnings-growth ratio of 2.27 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data 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). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period last year, the business posted $4.52 earnings per share. The business’s revenue was up 12.5% on a year-over-year basis. As a group, research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on VRTX shares. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals in a research report on Tuesday, August 4th. UBS Group boosted their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Truist Financial upped their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Royal Bank Of Canada raised their price objective on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Finally, Canaccord Genuity Group boosted their target price on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a “hold” rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock 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.