Perigon Wealth Management LLC Takes $4.39 Million Position in Vertex Pharmaceuticals Incorporated $VRTX

Perigon Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 8,834 shares of the pharmaceutical company’s stock, valued at approximately $4,388,000.

Several other large investors also recently bought and sold shares of VRTX. Community Financial Services Group LLC acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter worth approximately $26,000. Motiv8 Investments LLC purchased a new position in Vertex Pharmaceuticals in the 4th quarter valued at $26,000. Elevation Wealth Partners LLC lifted its holdings in Vertex Pharmaceuticals by 103.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. Swiss RE Ltd. acquired a new stake in Vertex Pharmaceuticals during the 4th quarter worth $28,000. Finally, IMG Wealth Management Inc. boosted its stake in Vertex Pharmaceuticals by 277.8% during the 4th quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock worth $31,000 after purchasing an additional 50 shares during the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus set a $500.00 target price on shares of Vertex Pharmaceuticals in a research report on Tuesday, August 4th. Weiss Ratings raised shares of Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 5th. Cantor Fitzgerald upped their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. TD Cowen lifted their price objective on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Finally, Barclays boosted their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $563.50.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $515.55 on Tuesday. The firm has a 50 day simple moving average of $484.71 and a 200-day simple moving average of $463.96. The stock has a market cap of $130.85 billion, a price-to-earnings ratio of 30.01, a price-to-earnings-growth ratio of 2.09 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1-year low of $374.17 and a 1-year high of $546.17.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.23 billion. During the same period in the previous year, the firm posted $4.52 EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, CMO Carmen Bozic sold 596 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the completion of the transaction, the chief marketing officer 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 transaction was disclosed in a document filed with the SEC, which is accessible 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 business’s 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 completion of the sale, the executive vice president directly owned 11,001 shares in the company, valued at approximately $5,709,519. The trade was a 12.29% 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 a total of 10,464 shares of company stock worth $4,959,397 over the last three months. 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.