Concurrent Investment Advisors LLC Raises Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Concurrent Investment Advisors LLC boosted its stake in Vertex by 242.9%, adding 6,895 shares to hold 9,734 shares worth about $4.41 million, and institutional investors now own 90.96% of the stock.
• Vertex posted Q results of $5.03 EPS (missing estimates by $0.02) on $3.19 billion revenue (up 9.5% YoY and slightly above expectations); the company has a market cap of $108.36 billion and a P/E of 27.8.
• Wall Street sentiment is generally positive with an average rating of "Moderate Buy" and a $555 average target, while insiders sold roughly 80,431 shares worth $37.9 million over the past three months, leaving insider ownership at 0.20%.

Concurrent Investment Advisors LLC boosted its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 242.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,734 shares of the pharmaceutical company's stock after acquiring an additional 6,895 shares during the period. Concurrent Investment Advisors LLC's holdings in Vertex Pharmaceuticals were worth $4,413,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of VRTX. Generali Investments Management Co LLC raised its holdings in Vertex Pharmaceuticals by 30.6% in the fourth quarter. Generali Investments Management Co LLC now owns 2,347 shares of the pharmaceutical company's stock worth $1,064,000 after buying an additional 550 shares during the last quarter. Calamos Wealth Management LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter worth about $294,000. Bender Robert & Associates raised its holdings in Vertex Pharmaceuticals by 0.5% in the fourth quarter. Bender Robert & Associates now owns 26,463 shares of the pharmaceutical company's stock worth $11,997,000 after buying an additional 133 shares during the last quarter. TBH Global Asset Management LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter worth about $269,000. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Vertex Pharmaceuticals by 6.5% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 48,047 shares of the pharmaceutical company's stock worth $21,783,000 after buying an additional 2,933 shares during the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Down 1.0%

VRTX opened at $426.01 on Tuesday. The firm has a 50 day moving average price of $456.54 and a 200-day moving average price of $449.10. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $510.77. The stock has a market capitalization of $108.36 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 1.92 and a beta of 0.36.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing the consensus estimate of $5.05 by ($0.02). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The company had revenue of $3.19 billion for the quarter, compared to analysts' expectations of $3.18 billion. During the same period in the previous year, the firm earned $3.98 earnings per share. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. As a group, analysts expect that Vertex Pharmaceuticals Incorporated will post 16.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $590.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, February 13th. UBS Group lifted their target price on shares of Vertex Pharmaceuticals from $535.00 to $545.00 and gave the stock a "buy" rating in a report on Monday, January 26th. HC Wainwright lifted their target price on shares of Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a "buy" rating in a report on Tuesday, March 10th. Evercore lifted their target price on shares of Vertex Pharmaceuticals from $475.00 to $530.00 and gave the stock an "outperform" rating in a report on Friday, January 23rd. Finally, Leerink Partners lifted their target price on shares of Vertex Pharmaceuticals from $456.00 to $525.00 and gave the stock an "outperform" rating in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $555.00.

Insider Activity

In related news, CMO Carmen Bozic sold 2,329 shares of the business's stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $481.79, for a total transaction of $1,122,088.91. Following the completion of the sale, the chief marketing officer directly owned 35,405 shares in the company, valued at approximately $17,057,774.95. The trade was a 6.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Duncan Mckechnie sold 4,910 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total transaction of $2,394,361.50. Following the sale, the executive vice president owned 17,559 shares of the company's stock, valued at $8,562,646.35. This trade represents a 21.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 80,431 shares of company stock valued at $37,875,167 over the last three months. Corporate insiders own 0.20% of the company's stock.

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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