Hemenway Trust Co LLC Purchases 12,919 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Hemenway Trust Co LLC grew its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 83.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,437 shares of the pharmaceutical company’s stock after acquiring an additional 12,919 shares during the period. Hemenway Trust Co LLC’s holdings in Vertex Pharmaceuticals were worth $13,329,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of VRTX. University of Texas Texas AM Investment Managment Co. bought a new position in Vertex Pharmaceuticals in the fourth quarter worth about $25,000. Annapolis Financial Services LLC purchased a new stake in Vertex Pharmaceuticals in the first quarter worth about $27,000. ICA Group Wealth Management LLC purchased a new stake in Vertex Pharmaceuticals in the fourth quarter worth about $28,000. Stephens Consulting LLC purchased a new stake in Vertex Pharmaceuticals in the second quarter worth about $31,000. Finally, Quest Partners LLC purchased a new stake in Vertex Pharmaceuticals in the fourth quarter worth about $33,000. 90.96% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total transaction of $1,089,840.00. Following the completion of the transaction, the chief marketing officer now directly owns 32,379 shares of the company’s stock, valued at $15,477,162. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. The disclosure for this sale can be found here. Insiders have sold 43,615 shares of company stock worth $21,417,310 in the last three months. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on VRTX shares. Truist Financial restated a “buy” rating and issued a $550.00 price objective (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Barclays cut shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $472.00 to $509.00 in a report on Monday, August 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $480.00 price target on shares of Vertex Pharmaceuticals in a report on Friday, August 2nd. TD Cowen increased their price target on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Oppenheimer increased their price target on shares of Vertex Pharmaceuticals from $500.00 to $550.00 and gave the company an “outperform” rating in a report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $485.91.

Vertex Pharmaceuticals Stock Performance

VRTX traded down $0.25 during trading on Friday, hitting $468.32. The company’s stock had a trading volume of 147,566 shares, compared to its average volume of 1,199,968. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals Incorporated has a one year low of $341.85 and a one year high of $510.64. The firm has a market cap of $120.85 billion, a PE ratio of 30.41 and a beta of 0.40. The business’s 50 day simple moving average is $483.32 and its 200-day simple moving average is $448.06.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share for the quarter, missing the consensus estimate of ($12.54) by ($0.29). The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.66 billion. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.53 earnings per share. As a group, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post -1.85 EPS for the current fiscal year.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.