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

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

Several other large investors also recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in Vertex Pharmaceuticals by 5.6% during the third quarter. Principal Financial Group Inc. now owns 410,359 shares of the pharmaceutical company's stock worth $190,850,000 after purchasing an additional 21,649 shares during the last quarter. BNC Wealth Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 3rd quarter valued at approximately $6,212,000. Advisor Resource Council purchased a new position in Vertex Pharmaceuticals in the third quarter worth approximately $241,000. Graypoint LLC raised its position in Vertex Pharmaceuticals by 3.5% in the third quarter. Graypoint LLC now owns 3,006 shares of the pharmaceutical company's stock valued at $1,398,000 after purchasing an additional 101 shares during the period. Finally, Blake Schutter Theil Wealth Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals in the 3rd quarter worth approximately $227,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on VRTX shares. Oppenheimer lowered their target price on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. Piper Sandler upped their price target on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the stock an "overweight" rating in a research note on Friday, August 2nd. StockNews.com upgraded shares of Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Tuesday. JPMorgan Chase & Co. dropped their target price on shares of Vertex Pharmaceuticals from $510.00 to $503.00 and set an "overweight" rating for the company in a report on Tuesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $480.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $495.96.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the business's 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 owns 4,435 shares in the company, valued at $2,217,500. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction 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 transaction, the chairman now directly owns 9,994 shares in the company, valued at $4,987,006. 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 owned by insiders.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX traded up $13.95 during midday trading on Friday, hitting $516.40. The stock had a trading volume of 811,879 shares, compared to its average volume of 1,169,613. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $341.90 and a fifty-two week high of $519.88. The business has a 50-day simple moving average of $474.81 and a two-hundred day simple moving average of $466.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.26 and a current ratio of 2.47.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its 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 net margin of 4.52% and a negative return on equity of 1.91%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the previous year, the business earned $3.67 EPS. The company's revenue was up 11.6% on a year-over-year basis. Equities analysts expect 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.