Saudi Central Bank Raises Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Saudi Central Bank boosted its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 90.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 17,805 shares of the pharmaceutical company’s stock after acquiring an additional 8,440 shares during the period. Saudi Central Bank’s holdings in Vertex Pharmaceuticals were worth $8,844,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VRTX. Fortitude Advisory Group L.L.C. purchased a new position in Vertex Pharmaceuticals during the second quarter valued at $257,000. Angeles Wealth Management LLC increased its stake in shares of Vertex Pharmaceuticals by 2.4% during the second quarter. Angeles Wealth Management LLC now owns 1,409 shares of the pharmaceutical company’s stock worth $700,000 after purchasing an additional 33 shares in the last quarter. Compass Financial Management LLC acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $49,000. MW Advisory LLC acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $436,000. Finally, Strive Financial Group LLC lifted its stake in Vertex Pharmaceuticals by 303.8% in the 2nd quarter. Strive Financial Group LLC now owns 525 shares of the pharmaceutical company’s stock valued at $261,000 after buying an additional 395 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Vertex Pharmaceuticals

In related news, EVP Ourania Tatsis sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the completion of the transaction, the executive vice president directly owned 45,321 shares in the company, valued at approximately $23,793,071.79. This represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the firm’s stock in a transaction 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 directly owned 15,337 shares of the company’s stock, valued at approximately $7,400,102.50. This trade represents a 3.74% 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 sold 8,719 shares of company stock worth $4,174,147 in the last 90 days. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Down 2.1%

NASDAQ VRTX opened at $546.12 on Friday. The business’s fifty day simple moving average is $509.50 and its 200-day simple moving average is $471.47. The firm has a market cap of $138.61 billion, a PE ratio of 31.79, a P/E/G ratio of 2.37 and a beta of 0.32. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $560.25.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) 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 analysts’ expectations of $3.23 billion. During the same period in the prior year, the company posted $4.52 EPS. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.88 EPS for the current year.

Wall Street Analyst Weigh In

VRTX has been the topic of several research analyst reports. Morgan Stanley initiated coverage on Vertex Pharmaceuticals in a report on Tuesday. They issued an “overweight” rating and a $665.00 price objective on the stock. Canaccord Genuity Group raised their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a research report on Tuesday, August 4th. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, July 29th. Wall Street Zen lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Finally, 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 report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $569.52.

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.