Strategic Financial Concepts LLC Invests $11.07 Million in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Strategic Financial Concepts LLC bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 23,625 shares of the pharmaceutical company’s stock, valued at approximately $11,074,000.

Other hedge funds have also bought and sold shares of the company. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at $25,000. Annapolis Financial Services LLC bought a new position in Vertex Pharmaceuticals in the first quarter valued at $27,000. Stephens Consulting LLC purchased a new stake in Vertex Pharmaceuticals during the second quarter valued at about $31,000. ICA Group Wealth Management LLC bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $28,000. Finally, Founders Capital Management boosted its holdings in shares of 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 purchasing an additional 25 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $468.00 on Friday. The company has a 50-day simple moving average of $483.31 and a two-hundred day simple moving average of $448.57. 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 firm has a market capitalization of $120.77 billion, a PE ratio of 30.37 and a beta of 0.40. Vertex Pharmaceuticals Incorporated has a one year low of $341.85 and a one year high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.66 billion. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. Vertex Pharmaceuticals’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter last year, the company posted $3.53 EPS. On average, analysts anticipate that Vertex Pharmaceuticals Incorporated will post -1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals 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 in the company, valued at $2,217,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Vertex Pharmaceuticals news, EVP Edward Morrow Atkinson III sold 7,288 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $478.00, for a total value of $3,483,664.00. Following the completion of the transaction, the executive vice president now directly owns 15,972 shares of the company’s stock, valued at $7,634,616. The sale 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 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 sale, the director now owns 4,435 shares in the company, valued at approximately $2,217,500. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,615 shares of company stock worth $21,417,310. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. TD Cowen raised their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Piper Sandler boosted their price objective on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Truist Financial reaffirmed a “buy” rating and issued a $550.00 price objective (up previously from $508.00) on shares of Vertex Pharmaceuticals in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of Vertex Pharmaceuticals from $505.00 to $510.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, Canaccord Genuity Group upped their price target on shares of Vertex Pharmaceuticals from $371.00 to $376.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $485.91.

About Vertex Pharmaceuticals

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.