Assenagon Asset Management S.A. Increases Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Assenagon Asset Management increased its Vertex Pharmaceuticals stake by 41.4% in the second quarter, adding 222,316 shares to own 759,564 shares valued at approximately $377.3 million. Institutional investors collectively hold 90.96% of VRTX.
• Analyst sentiment remains positive, with Vertex receiving a “Moderate Buy” consensus rating and an average price target of $563.50. Recent firms raised targets as high as $570, although some analysts maintained or lowered the stock to “Hold.”
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, exceeding estimates, while adjusted earnings of $4.73 per share narrowly missed consensus by $0.01. The stock opened at $484.03, below its one-year high of $533.67.

Assenagon Asset Management S.A. grew its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 41.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 759,564 shares of the pharmaceutical company's stock after purchasing an additional 222,316 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.30% of Vertex Pharmaceuticals worth $377,298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Apella Capital LLC acquired a new stake in Vertex Pharmaceuticals during the 2nd quarter worth $315,000. Foster Group Inc. lifted its position in Vertex Pharmaceuticals by 16.4% in the second quarter. Foster Group Inc. now owns 575 shares of the pharmaceutical company's stock valued at $286,000 after acquiring an additional 81 shares during the last quarter. GK Wealth Management LLC acquired a new position in Vertex Pharmaceuticals in the second quarter valued at $458,000. GAMMA Investing LLC grew its holdings in shares of Vertex Pharmaceuticals by 4.9% during the second quarter. GAMMA Investing LLC now owns 6,918 shares of the pharmaceutical company's stock worth $3,436,000 after purchasing an additional 326 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its position in shares of Vertex Pharmaceuticals by 1.9% during the second quarter. Central Pacific Bank Trust Division now owns 5,123 shares of the pharmaceutical company's stock worth $2,545,000 after purchasing an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 90.96% of the company's stock.

Insiders Place Their Bets

In other news, CMO Carmen Bozic sold 596 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $482.50, for a total transaction of $287,570.00. Following the completion of the sale, the chief marketing officer owned 15,337 shares in the company, valued at $7,400,102.50. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares of the company's stock, valued at approximately $5,709,519. This represents a 12.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 17,452 shares of company stock valued at $8,103,997. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

VRTX has been the subject of a number of research analyst reports. Canaccord Genuity Group upped their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a "hold" rating in a research report on Tuesday. Royal Bank Of Canada raised their price target on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 7th. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Wall Street Zen cut Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Finally, TD Cowen increased their price objective on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $563.50.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $484.03 on Friday. The firm's fifty day moving average is $473.87 and its two-hundred day moving average is $461.27. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $533.67. The firm has a market cap of $122.85 billion, a PE ratio of 28.17, a P/E/G ratio of 1.99 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing the consensus estimate of $4.74 by ($0.01). The business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.Vertex Pharmaceuticals's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company posted $4.52 EPS. Research analysts predict that Vertex Pharmaceuticals Incorporated will post 17.02 earnings per share for the current year.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex's marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.

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