24,760 Shares in Vertex Pharmaceuticals Incorporated $VRTX Acquired by Cornerstone Advisors LLC

Cornerstone Advisors LLC acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,760 shares of the pharmaceutical company’s stock, valued at approximately $12,299,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC raised its position in shares of Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock valued at $1,783,000 after acquiring an additional 579 shares during the last quarter. Gamco Investors INC. ET AL acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at $228,000. NewEdge Advisors LLC boosted its position in shares of Vertex Pharmaceuticals by 9.0% in the 2nd quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company’s stock worth $5,311,000 after purchasing an additional 986 shares during the last quarter. ICW Investment Advisors LLC boosted its position in shares of Vertex Pharmaceuticals by 5.0% in the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company’s stock worth $269,000 after purchasing an additional 29 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its stake in shares of Vertex Pharmaceuticals by 26.3% during the second quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company’s stock worth $3,246,000 after purchasing an additional 1,518 shares during the period. 90.96% of the stock is owned by institutional investors.

Insider Activity

In related news, CMO Carmen Bozic sold 4,062 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $450.00, for a total value of $1,827,900.00. Following the completion of the transaction, the chief marketing officer directly owned 16,953 shares in the company, valued at approximately $7,628,850. The trade was a 19.33% decrease in their position. The sale was disclosed in a document filed 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 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 value of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares of the company’s stock, valued at approximately $5,709,519. The trade was 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. Insiders have sold 10,464 shares of company stock worth $4,959,397 in the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Trading Up 1.9%

Shares of Vertex Pharmaceuticals stock opened at $515.55 on Tuesday. The stock’s fifty day simple moving average is $484.71 and its 200 day simple moving average is $463.96. The company has a market capitalization of $130.85 billion, a PE ratio of 30.01, a PEG ratio of 2.09 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 12 month low of $374.17 and a 12 month high of $546.17.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results 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 business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same period in the previous year, the firm posted $4.52 earnings per share. The firm’s revenue 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.

Analyst Ratings Changes

Several research firms have weighed in on VRTX. Truist Financial increased their target price on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. UBS Group boosted their target price on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Morgan Stanley upped their price target on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Barclays lifted their price objective on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, Wall Street Zen cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. 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 company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.