Insider Selling: Vertex Pharmaceuticals (NASDAQ:VRTX) CMO Sells $1,827,900.00 in Stock

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) CMO Carmen Bozic sold 4,062 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the completion of the transaction, the chief marketing officer owned 16,953 shares in the company, valued at $7,628,850. The trade was a 19.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Carmen Bozic also recently made the following trade(s):

• On Friday, June 5th, Carmen Bozic sold 1,745 shares of Vertex Pharmaceuticals stock. The shares were sold at an average price of $450.00, for a total transaction of $785,250.00.
• On Tuesday, May 12th, Carmen Bozic sold 6,988 shares of Vertex Pharmaceuticals stock. The stock was sold at an average price of $450.00, for a total value of $3,144,600.00.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $451.63 on Friday. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $507.92. The stock’s fifty day moving average is $438.71 and its 200 day moving average is $453.13. The stock has a market cap of $114.62 billion, a P/E ratio of 26.79, a P/E/G ratio of 1.93 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.23. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.Vertex Pharmaceuticals’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.06 earnings per share. Analysts predict that Vertex Pharmaceuticals Incorporated will post 17.02 EPS for the current year.

Institutional Trading of Vertex Pharmaceuticals

Several institutional investors have recently made changes to their positions in the business. Western Wealth Management LLC grew its holdings in Vertex Pharmaceuticals by 159.7% during the 1st quarter. Western Wealth Management LLC now owns 1,631 shares of the pharmaceutical company’s stock valued at $728,000 after buying an additional 1,003 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Vertex Pharmaceuticals by 16.7% during the first quarter. Pacer Advisors Inc. now owns 88,863 shares of the pharmaceutical company’s stock valued at $39,681,000 after purchasing an additional 12,721 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services increased its holdings in shares of Vertex Pharmaceuticals by 16.1% in the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 7,211 shares of the pharmaceutical company’s stock worth $3,220,000 after purchasing an additional 999 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Vertex Pharmaceuticals by 6.4% in the first quarter. Parallel Advisors LLC now owns 5,522 shares of the pharmaceutical company’s stock worth $2,466,000 after buying an additional 333 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its position in shares of Vertex Pharmaceuticals by 5.0% in the first quarter. Glenmede Trust Co. NA now owns 5,608 shares of the pharmaceutical company’s stock worth $2,504,000 after buying an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on VRTX. Truist Financial began coverage on shares of Vertex Pharmaceuticals in a report on Wednesday, May 27th. They issued a “buy” rating and a $542.00 target price for the company. Royal Bank Of Canada lifted their price target on shares of Vertex Pharmaceuticals from $541.00 to $543.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Bank of America upped their price target on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a “buy” rating in a research report on Tuesday, March 10th. Morgan Stanley increased their price objective on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Finally, Canaccord Genuity Group decreased their price objective on shares of Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating on the stock in a research report on Tuesday, May 5th. Twenty-two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $555.91.

Vertex Pharmaceuticals Company 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.