Confluence Wealth Services Inc. Purchases Shares of 762 Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Confluence Wealth Services Inc. purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the second quarter, HoldingsChannel.com reports. The firm purchased 762 shares of the pharmaceutical company’s stock, valued at approximately $357,000.

Several other institutional investors have also recently made changes to their positions in the stock. Brookstone Capital Management raised its stake in Vertex Pharmaceuticals by 11.1% during the 1st quarter. Brookstone Capital Management now owns 2,368 shares of the pharmaceutical company’s stock worth $990,000 after acquiring an additional 237 shares during the period. Brevan Howard Capital Management LP raised its position in shares of Vertex Pharmaceuticals by 216.3% during the 4th quarter. Brevan Howard Capital Management LP now owns 4,830 shares of the pharmaceutical company’s stock valued at $1,965,000 after purchasing an additional 3,303 shares during the period. Greenwood Capital Associates LLC lifted its stake in shares of Vertex Pharmaceuticals by 11.3% during the 4th quarter. Greenwood Capital Associates LLC now owns 25,345 shares of the pharmaceutical company’s stock valued at $10,313,000 after buying an additional 2,576 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services bought a new position in Vertex Pharmaceuticals in the 1st quarter worth $2,763,000. Finally, Blue Trust Inc. increased its stake in Vertex Pharmaceuticals by 640.0% in the 2nd quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company’s stock worth $676,000 after buying an additional 1,248 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

Shares of Vertex Pharmaceuticals stock opened at $495.89 on Monday. The stock has a market cap of $127.97 billion, a price-to-earnings ratio of 32.18 and a beta of 0.39. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.26 and a current ratio of 2.52. The stock has a 50 day moving average price of $482.85 and a 200-day moving average price of $446.83. Vertex Pharmaceuticals Incorporated has a one year low of $340.83 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) EPS for the quarter, missing the consensus estimate of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the previous year, the firm earned $3.53 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post -1.85 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. HC Wainwright boosted their price objective on Vertex Pharmaceuticals from $500.00 to $600.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Redburn Atlantic began coverage on Vertex Pharmaceuticals in a report on Thursday, June 27th. They issued a “buy” rating and a $545.00 price target on the stock. Royal Bank of Canada cut their price objective on shares of Vertex Pharmaceuticals from $424.00 to $421.00 and set a “sector perform” rating for the company in a report on Tuesday, June 11th. Guggenheim boosted their target price on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, TD Cowen raised their target price on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Three investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $485.91.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 2,280 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total value of $1,086,990.00. Following the sale, the chief marketing officer now directly owns 23,259 shares of the company’s stock, valued at approximately $11,088,728.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $476.75, for a total transaction of $1,086,990.00. Following the completion of the sale, the chief marketing officer now directly owns 23,259 shares in the company, valued at $11,088,728.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 sale, the director now directly owns 40,000 shares of the company’s stock, valued at $20,320,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,185 shares of company stock valued at $19,206,094. Company insiders own 0.20% of the company’s stock.

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.