Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 11.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 844 shares of the pharmaceutical company’s stock after buying an additional 89 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Vertex Pharmaceuticals were worth $143,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in VRTX. Next Capital Management LLC raised its position in shares of Vertex Pharmaceuticals by 84.4% during the 2nd quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock worth $30,000 after purchasing an additional 76 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $32,000. Patriot Financial Group Insurance Agency LLC raised its position in shares of Vertex Pharmaceuticals by 118.5% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 177 shares of the pharmaceutical company’s stock worth $32,000 after purchasing an additional 96 shares during the last quarter. HM Payson & Co. acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $35,000. Finally, Captrust Financial Advisors raised its position in shares of Vertex Pharmaceuticals by 204.1% during the 2nd quarter. Captrust Financial Advisors now owns 222 shares of the pharmaceutical company’s stock worth $41,000 after purchasing an additional 149 shares during the last quarter. 94.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Vertex Pharmaceuticals stock traded up $2.35 during mid-day trading on Wednesday, hitting $206.21. The stock had a trading volume of 32,452 shares, compared to its average volume of 1,289,511. The firm has a 50-day moving average of $182.78 and a two-hundred day moving average of $177.32. Vertex Pharmaceuticals Incorporated has a 12-month low of $151.80 and a 12-month high of $204.84. The company has a quick ratio of 3.32, a current ratio of 3.44 and a debt-to-equity ratio of 0.12. The firm has a market cap of $51.77 billion, a P/E ratio of 72.87, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46.
Vertex Pharmaceuticals declared that its board has authorized a share buyback program on Wednesday, July 31st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the pharmaceutical company to buy up to 1.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
Several research firms recently weighed in on VRTX. Morgan Stanley upped their price target on shares of Vertex Pharmaceuticals from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Credit Suisse Group restated a “buy” rating and set a $228.00 price target on shares of Vertex Pharmaceuticals in a research report on Monday, November 4th. Maxim Group reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Friday, November 1st. Stifel Nicolaus upped their price objective on shares of Vertex Pharmaceuticals from $211.00 to $229.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Bank of America began coverage on shares of Vertex Pharmaceuticals in a research note on Wednesday, October 16th. They set a “buy” rating and a $220.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. Vertex Pharmaceuticals presently has a consensus rating of “Buy” and an average price target of $216.94.
In related news, SVP Ourania Tatsis sold 188 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $169.11, for a total transaction of $31,792.68. Following the completion of the transaction, the senior vice president now owns 7,696 shares of the company’s stock, valued at approximately $1,301,470.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sangeeta N. Bhatia sold 8,379 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $166.80, for a total transaction of $1,397,617.20. Following the transaction, the director now directly owns 7,810 shares of the company’s stock, valued at approximately $1,302,708. The disclosure for this sale can be found here. In the last three months, insiders sold 270,596 shares of company stock valued at $52,180,128. Corporate insiders own 0.70% of the company’s stock.
Vertex Pharmaceuticals Company Profile
Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.
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