Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc increased its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 985.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,641 shares of the pharmaceutical company’s stock after purchasing an additional 6,029 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Vertex Pharmaceuticals were worth $3,089,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Northwest Investment Counselors LLC purchased a new position in Vertex Pharmaceuticals in the third quarter valued at about $25,000. Highline Wealth Partners LLC acquired a new position in Vertex Pharmaceuticals during the third quarter worth $27,000. GHP Investment Advisors Inc. purchased a new stake in Vertex Pharmaceuticals during the second quarter worth $29,000. Stephens Consulting LLC purchased a new position in shares of Vertex Pharmaceuticals in the second quarter valued at $31,000. Finally, Founders Capital Management raised its stake in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 25 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Bank of America cut their target price on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a research report on Monday, October 14th. UBS Group lifted their price objective on Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price target on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. TD Cowen upped their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, Morgan Stanley boosted their target price on shares of Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $495.96.

Vertex Pharmaceuticals Price Performance

VRTX opened at $494.61 on Thursday. Vertex Pharmaceuticals Incorporated has a twelve month low of $341.90 and a twelve month high of $519.88. The firm has a market cap of $127.38 billion, a price-to-earnings ratio of -248.55 and a beta of 0.39. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $475.81 and a 200 day simple moving average of $470.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.67 earnings per share. Equities research analysts expect that Vertex Pharmaceuticals Incorporated will post -1.82 EPS for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

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

Vertex Pharmaceuticals 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.