New Wave Wealth Advisors LLC Invests $428,000 in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

New Wave Wealth Advisors LLC acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, Holdings Channel reports. The fund acquired 913 shares of the pharmaceutical company’s stock, valued at approximately $428,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cetera Investment Advisers raised its position in Vertex Pharmaceuticals by 2.3% in the 2nd quarter. Cetera Investment Advisers now owns 52,013 shares of the pharmaceutical company’s stock valued at $24,379,000 after buying an additional 1,146 shares during the last quarter. 3Chopt Investment Partners LLC lifted its position in shares of Vertex Pharmaceuticals by 1.6% in the second quarter. 3Chopt Investment Partners LLC now owns 7,942 shares of the pharmaceutical company’s stock worth $3,723,000 after purchasing an additional 122 shares in the last quarter. Advisory Alpha LLC boosted its holdings in Vertex Pharmaceuticals by 16.0% during the second quarter. Advisory Alpha LLC now owns 987 shares of the pharmaceutical company’s stock worth $463,000 after purchasing an additional 136 shares during the last quarter. Chase Investment Counsel Corp grew its position in Vertex Pharmaceuticals by 1.8% in the second quarter. Chase Investment Counsel Corp now owns 8,248 shares of the pharmaceutical company’s stock valued at $3,866,000 after purchasing an additional 145 shares in the last quarter. Finally, EP Wealth Advisors LLC increased its stake in Vertex Pharmaceuticals by 4.2% in the 2nd quarter. EP Wealth Advisors LLC now owns 4,909 shares of the pharmaceutical company’s stock valued at $2,301,000 after buying an additional 200 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on VRTX shares. Argus increased their price objective on shares of Vertex Pharmaceuticals from $465.00 to $550.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. Barclays downgraded Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $472.00 to $509.00 in a research note on Monday, August 5th. Canaccord Genuity Group upped their price objective on Vertex Pharmaceuticals from $371.00 to $376.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a report on Friday, August 2nd. Finally, Truist Financial restated a “buy” rating and set a $550.00 target price (up from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $486.36.

Insider Activity

In other news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now directly owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Reshma Kewalramani sold 15,202 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $497.00, for a total value of $7,555,394.00. Following the completion of the transaction, the chief executive officer now owns 106,172 shares of the company’s stock, valued at $52,767,484. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the transaction, the director now directly owns 4,435 shares in the company, valued at $2,217,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,767 shares of company stock worth $15,768,284. Corporate insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

VRTX opened at $465.08 on Tuesday. 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 business has a fifty day simple moving average of $479.30 and a 200 day simple moving average of $454.54. Vertex Pharmaceuticals Incorporated has a 1 year low of $341.85 and a 1 year high of $510.64. The company has a market capitalization of $120.04 billion, a PE ratio of 30.18 and a beta of 0.40.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results 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). 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 the consensus estimate of $2.66 billion. During the same period in the previous year, the firm posted $3.53 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. Research analysts expect that Vertex Pharmaceuticals Incorporated will post -2.14 EPS for the current year.

Vertex Pharmaceuticals Company 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.