PNC Financial Services Group Inc. Acquires 4,269 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

PNC Financial Services Group Inc. grew its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,429 shares of the pharmaceutical company's stock after buying an additional 4,269 shares during the period. PNC Financial Services Group Inc.'s holdings in Vertex Pharmaceuticals were worth $36,941,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in VRTX. Northwest Investment Counselors LLC bought a new stake in Vertex Pharmaceuticals in the 3rd quarter valued at $25,000. Highline Wealth Partners LLC acquired a new stake in Vertex Pharmaceuticals during the third quarter valued at approximately $27,000. GHP Investment Advisors Inc. bought a new stake in Vertex Pharmaceuticals in the second quarter valued at $29,000. Stephens Consulting LLC bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth about $31,000. Finally, Founders Capital Management increased its holdings in shares of Vertex Pharmaceuticals by 50.0% during the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company's stock worth $35,000 after buying an additional 25 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Insider Activity

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 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 of the company's stock, valued at approximately $2,217,500. This trade represents a 12.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 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 owns 9,994 shares in the company, valued at approximately $4,987,006. This represents a 27.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,445 shares of company stock valued at $2,218,394. 0.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on VRTX. Raymond James restated a "market perform" rating on shares of Vertex Pharmaceuticals in a research note on Thursday, October 10th. Bank of America decreased their price target on Vertex Pharmaceuticals from $550.00 to $541.00 and set a "buy" rating on the stock in a report on Monday, October 14th. Morgan Stanley lifted their target price on shares of Vertex Pharmaceuticals from $473.00 to $476.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 5th. Piper Sandler boosted their price target on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price objective 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. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $499.12.

Vertex Pharmaceuticals Stock Up 0.7 %

VRTX stock opened at $451.23 on Thursday. The company has a fifty day moving average price of $475.38 and a two-hundred day moving average price of $472.74. Vertex Pharmaceuticals Incorporated has a one year low of $346.29 and a one year high of $519.88. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share 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 firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.69 billion. During the same period in the prior year, the firm earned $3.67 EPS. The business's revenue was up 11.6% on a year-over-year basis. Equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post -1.82 earnings per share for the current year.

Vertex Pharmaceuticals Company 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.