Glenview Trust Co Invests $3.35 Million in Vertex Pharmaceuticals Incorporated $VRTX

Glenview Trust Co bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 6,751 shares of the pharmaceutical company’s stock, valued at approximately $3,353,000.

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

Analysts Set New Price Targets

VRTX has been the subject of a number of recent analyst reports. Canaccord Genuity Group increased their target price on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a “hold” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada boosted their price target on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Sanford C. Bernstein raised shares of Vertex Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, July 29th. Cantor Fitzgerald raised their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $563.50.

Vertex Pharmaceuticals Stock Up 0.0%

Vertex Pharmaceuticals stock opened at $547.55 on Friday. The stock has a 50-day simple moving average of $500.28 and a 200 day simple moving average of $468.15. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $555.69. The stock has a market capitalization of $138.97 billion, a price-to-earnings ratio of 31.87, a P/E/G ratio of 2.38 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) 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 company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same quarter last year, the company earned $4.52 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Insiders Place Their Bets

In other news, CMO Carmen Bozic sold 4,062 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the transaction, the chief marketing officer directly owned 16,953 shares in the company, valued at approximately $7,628,850. This represents a 19.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares in the company, valued at $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. 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 valued at $4,959,397. Insiders own 0.20% of the company’s stock.

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.