Montecito Bank & Trust Makes New $753,000 Investment in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Montecito Bank & Trust acquired a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,619 shares of the pharmaceutical company’s stock, valued at approximately $753,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VRTX. Norden Group LLC boosted its holdings in shares of Vertex Pharmaceuticals by 61.3% in the first quarter. Norden Group LLC now owns 992 shares of the pharmaceutical company’s stock valued at $415,000 after acquiring an additional 377 shares in the last quarter. Quent Capital LLC raised its stake in shares of Vertex Pharmaceuticals by 33.0% in the 1st quarter. Quent Capital LLC now owns 399 shares of the pharmaceutical company’s stock worth $167,000 after buying an additional 99 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Vertex Pharmaceuticals by 714.3% in the first quarter. Larson Financial Group LLC now owns 228 shares of the pharmaceutical company’s stock valued at $95,000 after buying an additional 200 shares during the period. Advisory Alpha LLC bought a new position in Vertex Pharmaceuticals during the first quarter valued at about $356,000. Finally, Advisory Services Network LLC grew its holdings in Vertex Pharmaceuticals by 31.7% during the first quarter. Advisory Services Network LLC now owns 9,751 shares of the pharmaceutical company’s stock worth $4,076,000 after acquiring an additional 2,348 shares during the period. Institutional investors own 90.96% of the company’s stock.

Insider Activity

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the sale, the chairman now owns 9,994 shares in the company, valued at $4,987,006. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction dated 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 owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $499.00, for a total value of $1,888,216.00. Following the sale, the chairman now directly owns 9,994 shares in the company, valued at approximately $4,987,006. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Morgan Stanley upped their price target on shares of Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Vertex Pharmaceuticals in a report on Friday, July 26th. Truist Financial reaffirmed a “buy” rating and issued a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. TD Cowen raised their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Oppenheimer cut their target price on Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $495.96.

Vertex Pharmaceuticals Trading Up 1.8 %

VRTX opened at $502.45 on Friday. The company has a current ratio of 2.47, a quick ratio of 2.26 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $474.81 and a 200-day moving average of $466.95. Vertex Pharmaceuticals Incorporated has a 52-week low of $341.90 and a 52-week high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.61 by $0.77. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.67 EPS. Equities analysts forecast that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current fiscal year.

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.