Summit Global Investments Buys 2,800 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Summit Global Investments boosted its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 39.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,982 shares of the pharmaceutical company’s stock after acquiring an additional 2,800 shares during the period. Summit Global Investments’ holdings in Vertex Pharmaceuticals were worth $5,219,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Invera Wealth Advisors LLC lifted its stake in Vertex Pharmaceuticals by 5.3% in the 3rd quarter. Invera Wealth Advisors LLC now owns 871 shares of the pharmaceutical company’s stock worth $455,000 after purchasing an additional 44 shares in the last quarter. Americana Partners LLC grew its position in shares of Vertex Pharmaceuticals by 3.5% during the third quarter. Americana Partners LLC now owns 40,295 shares of the pharmaceutical company’s stock valued at $21,067,000 after purchasing an additional 1,381 shares in the last quarter. Aprio Wealth Management LLC grew its position in shares of Vertex Pharmaceuticals by 7.8% during the third quarter. Aprio Wealth Management LLC now owns 647 shares of the pharmaceutical company’s stock valued at $338,000 after purchasing an additional 47 shares in the last quarter. State of Wyoming increased its holdings in shares of Vertex Pharmaceuticals by 35.0% in the third quarter. State of Wyoming now owns 405 shares of the pharmaceutical company’s stock worth $212,000 after purchasing an additional 105 shares during the last quarter. Finally, Glenview Trust Co increased its holdings in shares of Vertex Pharmaceuticals by 0.3% in the third quarter. Glenview Trust Co now owns 6,773 shares of the pharmaceutical company’s stock worth $3,541,000 after purchasing an additional 22 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on VRTX shares. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals and gave the stock a “hold” rating in a research report on Tuesday, August 4th. Canaccord Genuity Group raised their price target on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Evercore lifted their price objective on Vertex Pharmaceuticals from $535.00 to $600.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 2nd. TD Cowen upped their price objective on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, September 23rd. Finally, Morgan Stanley started coverage on Vertex Pharmaceuticals in a research report on Tuesday, September 1st. They set an “overweight” rating and a $665.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $579.81.

Vertex Pharmaceuticals Stock Up 3.5%

Vertex Pharmaceuticals stock opened at $558.88 on Friday. The company’s 50-day moving average price is $523.21 and its 200-day moving average price is $479.47. Vertex Pharmaceuticals Incorporated has a twelve month low of $403.16 and a twelve month high of $563.80. The company has a market cap of $141.84 billion, a PE ratio of 32.53, a price-to-earnings-growth ratio of 2.68 and a beta of 0.28.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period in the previous year, the business posted $4.52 EPS. The firm’s revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 16.74 earnings per share for the current fiscal year.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company applies expertise in the science of human disease to discover therapies that address significant unmet medical needs.

Vertex is best known for its cystic fibrosis portfolio, which includes Kalydeco, Orkambi, Symdeko/Symkevi, and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis for patients with specific mutations in the CFTR gene.