Elefante Mark B purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,285 shares of the pharmaceutical company's stock, valued at approximately $4,612,000. Vertex Pharmaceuticals makes up 2.0% of Elefante Mark B's investment portfolio, making the stock its 22nd largest holding.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC grew its stake in shares of Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock valued at $1,783,000 after purchasing an additional 579 shares during the period. Gamco Investors INC. ET AL bought a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $228,000. NewEdge Advisors LLC boosted its stake in Vertex Pharmaceuticals by 9.0% in the 2nd quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company's stock valued at $5,311,000 after buying an additional 986 shares in the last quarter. ICW Investment Advisors LLC grew its position in Vertex Pharmaceuticals by 5.0% in the second quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock valued at $269,000 after acquiring an additional 29 shares during the period. Finally, Diversify Advisory Services LLC grew its position in Vertex Pharmaceuticals by 26.3% in the second quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company's stock valued at $3,246,000 after acquiring an additional 1,518 shares during the period. Institutional investors own 90.96% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on VRTX. Barclays lifted their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Stifel Nicolaus set a $500.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, August 4th. Canaccord Genuity Group increased their target price on shares of Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a research report on Tuesday, August 4th. Morgan Stanley lifted their price target on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an "overweight" rating in a report on Tuesday, May 5th. Finally, Cantor Fitzgerald boosted their price target on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $563.50.
Check Out Our Latest Stock Report on Vertex Pharmaceuticals
Insiders Place Their Bets
In other news, CMO Carmen Bozic sold 4,062 shares of the stock in a transaction that occurred on 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 sale, the chief marketing officer directly owned 16,953 shares of the company's stock, valued at $7,628,850. This represents a 19.33% 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 business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 11,001 shares of the company's stock, valued at $5,709,519. This trade represents a 12.29% 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. Over the last three months, insiders sold 10,464 shares of company stock valued at $4,959,397. Insiders own 0.20% of the company's stock.
Vertex Pharmaceuticals Stock Performance
Shares of VRTX opened at $548.05 on Monday. The stock has a fifty day moving average price of $492.65 and a two-hundred day moving average price of $465.88. Vertex Pharmaceuticals Incorporated has a 52-week low of $374.17 and a 52-week high of $555.32. The company has a market cap of $139.10 billion, a price-to-earnings ratio of 31.90, a PEG ratio of 2.27 and a beta of 0.30.
Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS 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 business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same period in the prior year, the firm posted $4.52 EPS. Vertex Pharmaceuticals's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.
About Vertex Pharmaceuticals
(
Free Report)
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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