Allspring Global Investments Holdings LLC Acquires 1,550 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Allspring Global Investments Holdings LLC boosted its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 123,760 shares of the pharmaceutical company’s stock after acquiring an additional 1,550 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Vertex Pharmaceuticals were worth $55,353,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Independent Financial Group LLC purchased a new position in shares of Vertex Pharmaceuticals during the 1st quarter worth approximately $412,000. Wealthfront Advisers LLC boosted its stake in Vertex Pharmaceuticals by 7.5% during the first quarter. Wealthfront Advisers LLC now owns 46,395 shares of the pharmaceutical company’s stock worth $20,717,000 after acquiring an additional 3,226 shares in the last quarter. Navigation Group LLC purchased a new stake in Vertex Pharmaceuticals in the first quarter worth about $311,000. Beaumont Financial Advisors LLC increased its position in Vertex Pharmaceuticals by 4.9% during the 1st quarter. Beaumont Financial Advisors LLC now owns 510 shares of the pharmaceutical company’s stock valued at $228,000 after buying an additional 24 shares in the last quarter. Finally, Midwest Professional Planners LTD. raised its stake in Vertex Pharmaceuticals by 0.7% during the first quarter. Midwest Professional Planners LTD. now owns 3,549 shares of the pharmaceutical company’s stock valued at $1,585,000 after buying an additional 25 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Canaccord Genuity Group cut 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. Royal Bank Of Canada raised their price target on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Wall Street Zen downgraded Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. Truist Financial increased their price objective on Vertex Pharmaceuticals from $542.00 to $560.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Weiss Ratings raised Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $559.61.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Director Sangeeta N. Bhatia sold 318 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the completion of the transaction, the director directly owned 4,924 shares of the company’s stock, valued at approximately $2,086,446.52. This represents a 6.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total value of $787,485.00. Following the transaction, the executive vice president owned 45,321 shares of the company’s stock, valued at $23,793,071.79. This represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 18,874 shares of company stock worth $8,707,966. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Down 0.1%

VRTX stock opened at $485.65 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $533.67. The stock has a market cap of $123.26 billion, a P/E ratio of 28.80, a PEG ratio of 2.11 and a beta of 0.29. The business’s 50-day moving average price is $462.54 and its 200-day moving average price is $459.00.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.06 earnings per share. On average, equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 17.01 earnings per share for the current fiscal year.

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.