Performance Wealth Partners LLC Invests $799,000 in Vertex Pharmaceuticals Incorporated $VRTX

Performance Wealth Partners LLC acquired a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 2nd quarter, HoldingsChannel reports. The fund acquired 1,609 shares of the pharmaceutical company’s stock, valued at approximately $799,000.

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

Vertex Pharmaceuticals Trading Up 1.9%

VRTX opened at $515.55 on Tuesday. The stock’s 50 day simple moving average is $484.71 and its 200-day simple moving average is $463.96. The stock has a market cap of $130.85 billion, a PE ratio of 30.01, a P/E/G 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 announced its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (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 business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period last year, the firm earned $4.52 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

VRTX has been the topic of several research analyst reports. Canaccord Genuity Group raised their price objective on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a “hold” rating in a research note on Tuesday, August 4th. TD Cowen increased their price target on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Barclays increased their price target on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Cantor Fitzgerald boosted their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Morgan Stanley upped their price objective on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $563.50.

Insider Activity at Vertex Pharmaceuticals

In related news, CMO Carmen Bozic sold 596 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $482.50, for a total value of $287,570.00. Following the sale, the chief marketing officer owned 15,337 shares of the company’s stock, valued at $7,400,102.50. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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 dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president directly owned 11,001 shares of the company’s stock, valued at $5,709,519. This trade represents a 12.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,464 shares of company stock valued at $4,959,397 over the last quarter. 0.20% of the stock is owned by company insiders.

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.