Miracle Mile Advisors LLC Increases Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Miracle Mile Advisors LLC increased its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 49.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,470 shares of the pharmaceutical company’s stock after purchasing an additional 1,479 shares during the period. Miracle Mile Advisors LLC’s holdings in Vertex Pharmaceuticals were worth $1,869,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. University of Texas Texas AM Investment Managment Co. acquired a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $25,000. Annapolis Financial Services LLC acquired a new stake in Vertex Pharmaceuticals during the first quarter worth about $27,000. Arlington Trust Co LLC increased its stake in Vertex Pharmaceuticals by 97.1% during the fourth quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 33 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $28,000. Finally, Fortitude Family Office LLC acquired a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on VRTX. UBS Group dropped their price target on Vertex Pharmaceuticals from $498.00 to $466.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th. Wells Fargo & Company increased their target price on Vertex Pharmaceuticals from $540.00 to $555.00 and gave the company an “overweight” rating in a research note on Monday, June 24th. Canaccord Genuity Group reiterated a “sell” rating and issued a $371.00 target price on shares of Vertex Pharmaceuticals in a research note on Friday, April 12th. Royal Bank of Canada lowered their target price on Vertex Pharmaceuticals from $424.00 to $421.00 and set a “sector perform” rating for the company in a research note on Tuesday, June 11th. Finally, BMO Capital Markets increased their target price on Vertex Pharmaceuticals from $480.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $448.61.

Vertex Pharmaceuticals Stock Up 0.5 %

VRTX opened at $471.25 on Tuesday. Vertex Pharmaceuticals Incorporated has a 12 month low of $335.82 and a 12 month high of $486.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.50 and a quick ratio of 3.29. The stock has a market cap of $121.61 billion, a P/E ratio of 30.58, a P/E/G ratio of 2.41 and a beta of 0.39. The stock’s 50 day moving average price is $444.89 and its 200 day moving average price is $426.80.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 EPS for the quarter, beating the consensus estimate of $3.66 by $1.10. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. The firm had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period last year, the firm earned $2.67 EPS. The firm’s revenue was up 13.3% compared to the same quarter last year. As a group, research analysts predict that Vertex Pharmaceuticals Incorporated will post 15.22 earnings per share for the current year.

Insider Activity

In related news, Director Bruce I. Sachs sold 7,073 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the transaction, the director now directly owns 40,000 shares in the company, valued at approximately $17,920,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $445.56, for a total value of $1,015,876.80. Following the transaction, the chief marketing officer now directly owns 34,659 shares in the company, valued at approximately $15,442,664.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce I. Sachs sold 7,073 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the completion of the sale, the director now directly owns 40,000 shares of the company’s stock, valued at approximately $17,920,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,366 shares of company stock worth $13,058,787. 0.20% of the stock is owned by company 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.