Sequoia Financial Advisors LLC Acquires 1,831 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Sequoia Financial Advisors LLC raised its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 12.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,729 shares of the pharmaceutical company’s stock after purchasing an additional 1,831 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Vertex Pharmaceuticals were worth $8,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of VRTX. Bangor Savings Bank raised its stake in shares of Vertex Pharmaceuticals by 0.4% in the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock valued at $2,220,000 after buying an additional 20 shares during the period. Trust Point Inc. lifted its stake in Vertex Pharmaceuticals by 2.7% in the 2nd quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock worth $394,000 after purchasing an additional 21 shares in the last quarter. Williams Jones Wealth Management LLC. raised its position in shares of 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 worth $524,000 after buying an additional 21 shares in the last quarter. Cannell & Spears LLC raised its holdings in shares of Vertex Pharmaceuticals by 1.2% in the 1st quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company’s stock valued at $885,000 after acquiring an additional 23 shares in the last quarter. Finally, Glenview Trust Co raised its stake in Vertex Pharmaceuticals by 0.3% in the fourth quarter. Glenview Trust Co now owns 7,005 shares of the pharmaceutical company’s stock valued at $3,176,000 after purchasing an additional 24 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. UBS Group lifted their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $560.00 price target (up from $515.00) on shares of Vertex Pharmaceuticals in a research report on Friday. Truist Financial lifted their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Finally, Stifel Nicolaus set a $500.00 price target on Vertex Pharmaceuticals in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued 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 $570.83.

Insiders Place Their Bets

In other news, 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 value of $799,779.00. Following the transaction, the executive vice president owned 11,001 shares in the company, valued at $5,709,519. This represents a 12.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of Vertex Pharmaceuticals stock in a transaction 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 transaction, the executive vice president owned 45,321 shares in the company, valued at $23,793,071.79. This 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. In the last quarter, insiders sold 8,719 shares of company stock valued at $4,174,147. Company insiders own 0.20% of the company’s stock.

Key Stories Impacting Vertex Pharmaceuticals

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

• Positive Sentiment: JPMorgan reaffirmed its overweight rating and raised its price target to $560 from $515, implying approximately 8.6% potential upside from the referenced price. The target increase signals greater confidence in Vertex’s earnings outlook and pipeline. JPMorgan Vertex analyst rating
• Positive Sentiment: Coverage highlights Vertex’s strong core business and raised guidance as key factors supporting the shares. The company’s latest reported quarter also showed revenue growth of 12.5% year over year to $3.33 billion, ahead of estimates, despite a marginal EPS miss. Strong Core Business, Raised Guidance Push Vertex Pharmaceuticals Higher
• Positive Sentiment: Vertex’s approximately $10 billion acquisition of Crinetics Pharmaceuticals is viewed as a potential new growth engine. The transaction gives Vertex an immediate presence in endocrinology and could reduce its long-term dependence on the cystic fibrosis franchise by adding a new commercial platform. Vertex Pharmaceuticals Incorporated: Crinetics Acquisition Creates a New Growth Engine Beyond Cystic Fibrosis
• Neutral Sentiment: Investor conference presentations and a Q2 peer comparison provide additional updates on Vertex’s business and industry position, but the available reports do not identify a new material catalyst beyond the company’s existing financial outlook. Vertex Pharmaceuticals Cantor Fitzgerald Conference Transcript
• Neutral Sentiment: Reported short interest was zero shares, offering no evidence of meaningful short-selling pressure; however, the data appears inconsistent and may be a reporting artifact.

Vertex Pharmaceuticals Stock Up 0.2%

NASDAQ:VRTX opened at $515.44 on Friday. The company’s 50 day moving average price is $511.01 and its 200-day moving average price is $473.15. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $560.25. The stock has a market cap of $130.82 billion, a price-to-earnings ratio of 30.00, a PEG ratio of 2.23 and a beta of 0.32.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results 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 analysts’ expectations of $3.23 billion. During the same quarter in the prior year, the firm earned $4.52 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.88 earnings per share for the current year.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company combines research in human genetics with drug discovery and development.

Vertex is best known for its cystic fibrosis portfolio, which includes CFTR modulator therapies such as Kalydeco, Orkambi, Symdeko and the combination marketed as Trikafta in the United States and Kaftrio in other markets.