Cibc World Market Inc. Takes $13.72 Million Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• CIBC World Market initiated a $13.72 million position in Vertex Pharmaceuticals by purchasing 27,626 shares during the second quarter. Institutional investors collectively own 90.96% of the company.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $563.50; several brokerages recently raised their targets or ratings.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above estimates, though adjusted EPS of $4.73 narrowly missed the $4.74 consensus. Shares opened at $547.59, near their 12-month high.

Cibc World Market Inc. bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 27,626 shares of the pharmaceutical company's stock, valued at approximately $13,723,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bangor Savings Bank grew its position in Vertex Pharmaceuticals by 0.4% during the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company's stock valued at $2,220,000 after buying an additional 20 shares during the period. Trust Point Inc. raised its position in Vertex Pharmaceuticals by 2.7% in the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock worth $394,000 after acquiring an additional 21 shares during the period. Williams Jones Wealth Management LLC. boosted its stake in Vertex Pharmaceuticals by 1.9% in the fourth quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock valued at $524,000 after acquiring an additional 21 shares during the last quarter. Cannell & Spears LLC boosted its stake in Vertex Pharmaceuticals by 1.2% in the first quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company's stock valued at $885,000 after acquiring an additional 23 shares during the last quarter. Finally, Glenview Trust Co grew its position in shares of Vertex Pharmaceuticals by 0.3% during the 4th quarter. Glenview Trust Co now owns 7,005 shares of the pharmaceutical company's stock valued at $3,176,000 after acquiring an additional 24 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Duncan Mckechnie sold 1,541 shares of the business's stock in a transaction on 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 in the company, valued at approximately $5,709,519. The trade was a 12.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 596 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $482.50, for a total value of $287,570.00. Following the sale, the chief marketing officer directly owned 15,337 shares in the company, valued at $7,400,102.50. This trade represents a 3.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 worth $4,959,397 over the last 90 days. Corporate insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on VRTX. TD Cowen raised their price target on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. UBS Group increased their price objective on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a report on Monday, July 13th. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Royal Bank Of Canada boosted their target price on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a research note on Tuesday, July 7th. Finally, Truist Financial upped their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $563.50.

Vertex Pharmaceuticals Stock Down 0.1%

NASDAQ VRTX opened at $547.59 on Tuesday. The firm has a market cap of $138.98 billion, a P/E ratio of 31.87, a price-to-earnings-growth ratio of 2.27 and a beta of 0.30. The company's 50 day moving average is $494.60 and its 200-day moving average is $466.46. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $555.32.

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

About Vertex Pharmaceuticals

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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