Tower View Wealth Management LLC Raises Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Tower View Wealth Management LLC lifted its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,887 shares of the pharmaceutical company’s stock after purchasing an additional 80 shares during the period. Tower View Wealth Management LLC’s holdings in Vertex Pharmaceuticals were worth $2,273,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Groesbeck Investment Management Corp NJ raised its position in shares of Vertex Pharmaceuticals by 1.2% in the second quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock valued at $841,000 after buying an additional 21 shares during the last quarter. Institute for Wealth Management LLC. grew its stake in Vertex Pharmaceuticals by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock worth $1,681,000 after acquiring an additional 22 shares during the period. Drive Wealth Management LLC raised its holdings in Vertex Pharmaceuticals by 2.0% in the 2nd quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock valued at $516,000 after acquiring an additional 22 shares during the last quarter. Daymark Wealth Partners LLC raised its holdings in Vertex Pharmaceuticals by 2.8% in the 3rd quarter. Daymark Wealth Partners LLC now owns 804 shares of the pharmaceutical company’s stock valued at $374,000 after acquiring an additional 22 shares during the last quarter. Finally, Grove Bank & Trust lifted its stake in shares of Vertex Pharmaceuticals by 5.7% during the 3rd quarter. Grove Bank & Trust now owns 410 shares of the pharmaceutical company’s stock worth $191,000 after purchasing an additional 22 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Vertex Pharmaceuticals

In other news, Director Bruce I. Sachs sold 5,295 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the completion of the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $20,320,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 5,295 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $508.00, for a total transaction of $2,689,860.00. Following the sale, the director now directly owns 40,000 shares in the company, valued at approximately $20,320,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the sale, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,005 shares of company stock worth $5,988,066 in the last 90 days. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Trading Up 1.2 %

Shares of VRTX opened at $477.70 on Monday. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals Incorporated has a 52 week low of $341.90 and a 52 week high of $510.64. The stock has a 50 day moving average of $475.61 and a 200-day moving average of $462.73.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results 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 business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period last year, the firm posted $3.53 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post -2.11 EPS for the current year.

Analyst Upgrades and Downgrades

VRTX has been the subject of a number of recent analyst reports. Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. TD Cowen increased their price objective on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Scotiabank started coverage on shares of Vertex Pharmaceuticals in a report on Wednesday, October 16th. They issued a “sector perform” rating and a $480.00 target price for the company. Truist Financial reaffirmed a “buy” rating and set a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a research note on Monday, August 5th. Finally, Bank of America dropped their price objective on Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a report on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $492.92.

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.