Independence Bank of Kentucky Purchases 188 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Independence Bank of Kentucky lifted its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 12.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,653 shares of the pharmaceutical company’s stock after acquiring an additional 188 shares during the quarter. Independence Bank of Kentucky’s holdings in Vertex Pharmaceuticals were worth $775,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VRTX. Capital World Investors grew its position in shares of Vertex Pharmaceuticals by 17.2% during the 1st quarter. Capital World Investors now owns 25,567,184 shares of the pharmaceutical company’s stock valued at $10,687,339,000 after acquiring an additional 3,761,414 shares during the period. Vanguard Group Inc. raised its stake in shares of Vertex Pharmaceuticals by 1.8% in the first quarter. Vanguard Group Inc. now owns 22,676,518 shares of the pharmaceutical company’s stock valued at $9,479,011,000 after buying an additional 394,338 shares during the period. Capital Research Global Investors lifted its position in shares of Vertex Pharmaceuticals by 61.0% during the 1st quarter. Capital Research Global Investors now owns 5,743,882 shares of the pharmaceutical company’s stock valued at $2,401,000,000 after buying an additional 2,176,218 shares during the last quarter. Jennison Associates LLC increased its holdings in Vertex Pharmaceuticals by 21.2% in the 1st quarter. Jennison Associates LLC now owns 4,782,374 shares of the pharmaceutical company’s stock worth $1,999,080,000 after acquiring an additional 837,461 shares during the last quarter. Finally, Norges Bank bought a new stake in Vertex Pharmaceuticals in the 4th quarter valued at about $1,237,877,000. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Trading Up 0.3 %

NASDAQ:VRTX traded up $1.35 during mid-day trading on Friday, reaching $481.24. 999,698 shares of the company’s stock traded hands, compared to its average volume of 1,220,826. Vertex Pharmaceuticals Incorporated has a 12-month low of $340.83 and a 12-month high of $510.64. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.52 and a quick ratio of 2.26. The company has a 50 day moving average price of $480.98 and a 200-day moving average price of $444.24. The firm has a market capitalization of $124.21 billion, a price-to-earnings ratio of 31.23 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share 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 the consensus estimate of $2.66 billion. During the same quarter last year, the firm earned $3.53 EPS. The business’s revenue was up 6.1% on a year-over-year basis. On average, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on VRTX. Morgan Stanley upped their price target on shares of Vertex Pharmaceuticals from $402.00 to $455.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. StockNews.com downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and set a $550.00 target price (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Redburn Atlantic initiated coverage on shares of Vertex Pharmaceuticals in a report on Thursday, June 27th. They issued a “buy” rating and a $545.00 price target for the company. Finally, Oppenheimer upped their price target on shares of Vertex Pharmaceuticals from $500.00 to $550.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $485.91.

Insider Transactions at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 2,350 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $439.11, for a total transaction of $1,031,908.50. Following the sale, the executive vice president now owns 53,523 shares in the company, valued at approximately $23,502,484.53. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 2,350 shares of Vertex Pharmaceuticals stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $439.11, for a total transaction of $1,031,908.50. Following the completion of the transaction, the executive vice president now owns 53,523 shares in the company, valued at $23,502,484.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce I. Sachs sold 5,295 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $508.00, for a total value of $2,689,860.00. Following the completion of the sale, the director now directly owns 40,000 shares in the company, valued at $20,320,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,065 shares of company stock valued at $22,731,946. Corporate insiders own 0.20% of the company’s stock.

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.