BNC Wealth Management LLC Invests $6.21 Million in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

BNC Wealth Management LLC acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 13,356 shares of the pharmaceutical company's stock, valued at approximately $6,212,000. Vertex Pharmaceuticals makes up about 2.3% of BNC Wealth Management LLC's investment portfolio, making the stock its 10th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors lifted its holdings in Vertex Pharmaceuticals by 17.2% in the 1st quarter. Capital World Investors now owns 25,567,184 shares of the pharmaceutical company's stock valued at $10,687,339,000 after purchasing an additional 3,761,414 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Vertex Pharmaceuticals by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 22,676,518 shares of the pharmaceutical company's stock worth $9,479,011,000 after acquiring an additional 394,338 shares during the period. Capital Research Global Investors raised its holdings in shares of Vertex Pharmaceuticals by 61.0% during the 1st quarter. Capital Research Global Investors now owns 5,743,882 shares of the pharmaceutical company's stock worth $2,401,000,000 after acquiring an additional 2,176,218 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Vertex Pharmaceuticals by 10.4% during the 1st quarter. Janus Henderson Group PLC now owns 2,584,315 shares of the pharmaceutical company's stock worth $1,080,296,000 after acquiring an additional 244,336 shares during the period. Finally, Legal & General Group Plc raised its holdings in shares of Vertex Pharmaceuticals by 1.2% during the 2nd quarter. Legal & General Group Plc now owns 2,422,677 shares of the pharmaceutical company's stock worth $1,135,556,000 after acquiring an additional 29,104 shares during the period. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 1.6 %

VRTX traded up $7.77 on Thursday, reaching $501.41. The company's stock had a trading volume of 414,396 shares, compared to its average volume of 1,168,594. The company has a market capitalization of $129.41 billion, a price-to-earnings ratio of -248.06 and a beta of 0.39. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $341.90 and a fifty-two week high of $510.64. The stock has a 50 day moving average of $474.81 and a two-hundred day moving average of $466.95. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.88% and a negative net margin of 4.52%. The firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.69 billion. During the same quarter in the previous year, the firm posted $3.67 EPS. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, analysts forecast that Vertex Pharmaceuticals Incorporated will post -2.04 EPS for the current fiscal year.

Analysts Set New Price Targets

VRTX has been the topic of several analyst reports. Truist Financial reiterated a "buy" rating and set a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Piper Sandler lifted their price target on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an "overweight" rating in a report on Friday, August 2nd. Scotiabank raised their price objective on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a "sector perform" rating in a research report on Tuesday. Royal Bank of Canada raised their price objective on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a "sector perform" rating in a research report on Tuesday. Finally, Oppenheimer cut their price objective on Vertex Pharmaceuticals from $550.00 to $540.00 and set an "outperform" rating for the company 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 assigned a buy rating to the company. According to MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $495.96.

Insiders Place Their Bets

In related news, Director Sangeeta N. Bhatia sold 646 shares of the company's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the sale, the director now owns 4,435 shares in the company, valued at $2,217,500. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the company's stock in a transaction on 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 $4,987,006. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sangeeta N. Bhatia sold 646 shares of the company's stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the transaction, the director now owns 4,435 shares of the company's stock, valued at $2,217,500. The trade was 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 insiders.

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.