PNC Financial Services Group Inc. Increases Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

PNC Financial Services Group Inc. grew its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,429 shares of the pharmaceutical company’s stock after acquiring an additional 4,269 shares during the period. PNC Financial Services Group Inc.’s holdings in Vertex Pharmaceuticals were worth $36,941,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new position in Vertex Pharmaceuticals in the 3rd quarter worth about $25,000. Highline Wealth Partners LLC acquired a new position in shares of Vertex Pharmaceuticals during the 3rd quarter worth approximately $27,000. GHP Investment Advisors Inc. purchased a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at approximately $29,000. Stephens Consulting LLC acquired a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at $31,000. Finally, Founders Capital Management increased its holdings in Vertex Pharmaceuticals by 50.0% in the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after acquiring an additional 25 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VRTX. Piper Sandler lifted their target price on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. StockNews.com cut Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday. Scotiabank increased their target price on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the company a “sector perform” rating in a report on Tuesday, November 5th. Citigroup initiated coverage on Vertex Pharmaceuticals in a research note on Thursday, November 14th. They issued a “buy” rating and a $575.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $600.00 price target on shares of Vertex Pharmaceuticals in a research report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $499.12.

Insider Activity at Vertex Pharmaceuticals

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at $4,987,006. This represents a 27.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the transaction, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,445 shares of company stock worth $2,218,394. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $451.23 on Thursday. The business’s fifty day simple moving average is $475.38 and its 200-day simple moving average is $472.74. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The firm has a market cap of $116.21 billion, a PE ratio of -226.75 and a beta of 0.39. Vertex Pharmaceuticals Incorporated has a 52 week low of $346.29 and a 52 week high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $3.61 by $0.77. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. Vertex Pharmaceuticals’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.67 earnings per share. Equities analysts forecast that Vertex Pharmaceuticals Incorporated will post -1.82 earnings per share for the current year.

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.