Carmignac Gestion Decreases Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Carmignac Gestion reduced its Vertex Pharmaceuticals stake by 22.6% in the first quarter, selling 43,372 shares and retaining 148,199 shares worth approximately $66.2 million. Institutional investors collectively own 90.96% of the company.
• Vertex reported quarterly EPS of $4.47, exceeding the $4.24 consensus estimate, while revenue reached $2.99 billion, up 8.3% year over year. Shares opened at $477.10, with a market capitalization of about $121.1 billion.
• Analyst sentiment remains positive, with 22 Buy ratings and three Holds; the stock has a “Moderate Buy” consensus and an average price target of $559.61. Several firms recently raised their targets, including Barclays to $615.

Carmignac Gestion cut its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 22.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,199 shares of the pharmaceutical company's stock after selling 43,372 shares during the period. Vertex Pharmaceuticals accounts for about 1.0% of Carmignac Gestion's portfolio, making the stock its 26th largest position. Carmignac Gestion owned about 0.06% of Vertex Pharmaceuticals worth $66,160,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. First National Bank of Mount Dora Trust Investment Services lifted its stake in shares of Vertex Pharmaceuticals by 16.1% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 7,211 shares of the pharmaceutical company's stock worth $3,220,000 after buying an additional 999 shares during the period. Parallel Advisors LLC increased its position in shares of Vertex Pharmaceuticals by 6.4% in the 1st quarter. Parallel Advisors LLC now owns 5,522 shares of the pharmaceutical company's stock valued at $2,466,000 after acquiring an additional 333 shares during the period. Glenmede Trust Co. NA raised its stake in Vertex Pharmaceuticals by 5.0% in the 1st quarter. Glenmede Trust Co. NA now owns 5,608 shares of the pharmaceutical company's stock worth $2,504,000 after acquiring an additional 269 shares during the last quarter. Axiom Investment Management LLC purchased a new position in Vertex Pharmaceuticals in the 1st quarter worth $283,000. Finally, Groupama Asset Managment lifted its position in Vertex Pharmaceuticals by 1.7% during the 1st quarter. Groupama Asset Managment now owns 165,897 shares of the pharmaceutical company's stock worth $74,080,000 after acquiring an additional 2,753 shares during the period. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $477.10 on Monday. The business's 50-day moving average is $470.62 and its two-hundred day moving average is $460.33. The company has a market capitalization of $121.09 billion, a P/E ratio of 28.30, a P/E/G ratio of 2.15 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $533.67.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share for the quarter, beating analysts' consensus estimates of $4.24 by $0.23. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The company's revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business posted $4.06 EPS. Analysts forecast that Vertex Pharmaceuticals Incorporated will post 17.01 EPS for the current year.

Insider Buying and Selling

In related news, EVP Duncan Mckechnie sold 1,541 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares of the company's stock, valued at $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total value of $287,570.00. Following the transaction, the chief marketing officer owned 15,337 shares of the company's stock, valued at approximately $7,400,102.50. This represents a 3.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 17,452 shares of company stock valued at $8,103,997 over the last ninety days. Company insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on VRTX. UBS Group boosted their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Royal Bank Of Canada raised their price objective 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 decreased their target price on Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating for the company in a report on Tuesday, May 5th. Truist Financial upped their target price on Vertex Pharmaceuticals from $542.00 to $560.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Finally, Barclays increased their price target on shares of Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Twenty-two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $559.61.

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.

Want to see what other hedge funds are holding VRTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source