Truist Financial Corp Reduces Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Truist Financial Corp lessened its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 2.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 218,641 shares of the pharmaceutical company’s stock after selling 4,470 shares during the period. Truist Financial Corp owned 0.08% of Vertex Pharmaceuticals worth $102,481,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Brookstone Capital Management lifted its stake in Vertex Pharmaceuticals by 11.1% in the 1st quarter. Brookstone Capital Management now owns 2,368 shares of the pharmaceutical company’s stock valued at $990,000 after buying an additional 237 shares in the last quarter. Brevan Howard Capital Management LP increased its position in Vertex Pharmaceuticals by 216.3% during the fourth quarter. Brevan Howard Capital Management LP now owns 4,830 shares of the pharmaceutical company’s stock worth $1,965,000 after buying an additional 3,303 shares in the last quarter. Greenwood Capital Associates LLC raised its holdings in shares of Vertex Pharmaceuticals by 11.3% in the fourth quarter. Greenwood Capital Associates LLC now owns 25,345 shares of the pharmaceutical company’s stock worth $10,313,000 after acquiring an additional 2,576 shares during the last quarter. First National Bank of Mount Dora Trust Investment Services purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter valued at $2,763,000. Finally, Blue Trust Inc. boosted its stake in shares of Vertex Pharmaceuticals by 640.0% during the second quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company’s stock valued at $676,000 after acquiring an additional 1,248 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on VRTX. Royal Bank of Canada reissued a “sector perform” rating and issued a $431.00 target price on shares of Vertex Pharmaceuticals in a research note on Thursday, September 19th. Canaccord Genuity Group upped their price objective on shares of Vertex Pharmaceuticals from $371.00 to $376.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Piper Sandler raised their target price on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on Vertex Pharmaceuticals from $505.00 to $510.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company raised their price objective on Vertex Pharmaceuticals from $540.00 to $555.00 and gave the stock an “overweight” rating in a report on Monday, June 24th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Vertex Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $487.23.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $469.76 on Wednesday. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $121.25 billion, a P/E ratio of 30.48 and a beta of 0.40. The firm has a fifty day moving average of $478.89 and a 200-day moving average of $454.97. Vertex Pharmaceuticals Incorporated has a 52-week low of $341.85 and a 52-week high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period last year, the business earned $3.53 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, analysts predict that Vertex Pharmaceuticals Incorporated will post -2.14 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $487.34, for a total value of $1,111,135.20. Following the completion of the sale, the chief marketing officer now owns 27,819 shares of the company’s stock, valued at $13,557,311.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $487.34, for a total value of $1,111,135.20. Following the completion of the transaction, the chief marketing officer now directly owns 27,819 shares of the company’s stock, valued at approximately $13,557,311.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Reshma Kewalramani sold 15,202 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $497.00, for a total value of $7,555,394.00. Following the sale, the chief executive officer now owns 106,172 shares of the company’s stock, valued at $52,767,484. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,767 shares of company stock worth $15,768,284. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals 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.