Bank of Nova Scotia Buys New Stake in Vertex Pharmaceuticals Incorporated $VRTX

Bank of Nova Scotia bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 27,607 shares of the pharmaceutical company's stock, valued at approximately $13,713,000.

Several other large investors also recently bought and sold shares of the stock. Vista Investment Management purchased a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $813,000. Compass Financial Management LLC purchased a new position in Vertex Pharmaceuticals during the second quarter worth about $49,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at $1,119,000. Alta Advisers Ltd purchased a new position in Vertex Pharmaceuticals in the 2nd quarter worth approximately $492,000. Finally, Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $7,036,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 1,500 shares of the business's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total value of $787,485.00. Following the sale, the executive vice president directly owned 45,321 shares in the company, valued at approximately $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of the company's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the completion of the sale, the chief marketing officer directly owned 16,953 shares of the company's stock, valued at $7,628,850. The trade was a 19.33% 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. Insiders have sold a total of 10,464 shares of company stock valued at $4,959,397 over the last three months. Company insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

VRTX has been the topic of a number of research analyst reports. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals in a report on Tuesday, August 4th. TD Cowen increased their price target on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. Barclays boosted their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Cantor Fitzgerald increased their target price on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen lowered shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. 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 presently has an average rating of "Moderate Buy" and an average target price of $563.50.

Vertex Pharmaceuticals Trading Down 0.1%

Vertex Pharmaceuticals stock opened at $547.59 on Tuesday. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $555.32. The stock has a market cap of $138.98 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 2.27 and a beta of 0.30. The company's 50-day moving average price is $494.60 and its two-hundred day moving average price is $466.46.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same quarter last year, the company earned $4.52 earnings per share. The business's revenue for the quarter was up 12.5% on a year-over-year basis. Research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Vertex Pharmaceuticals Company 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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