Flputnam Investment Management Co. Invests $19.93 Million in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Flputnam Investment Management bought 40,116 Vertex Pharmaceuticals shares worth approximately $19.93 million during the second quarter. Institutional investors collectively own 90.96% of VRTX.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $563.50; recent targets range from $500 to $617.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above estimates, while adjusted earnings of $4.73 per share narrowly missed consensus by $0.01. Insiders have sold 10,464 shares worth about $4.96 million over the past 90 days.

Flputnam Investment Management Co. purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 40,116 shares of the pharmaceutical company's stock, valued at approximately $19,927,000.

Other institutional investors also recently made changes to their positions in the company. 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 acquiring an additional 20 shares during the period. Earned Wealth Advisors LLC raised its stake in shares of Vertex Pharmaceuticals by 3.3% during the fourth quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company's stock valued at $295,000 after purchasing an additional 21 shares during the period. Confluence Wealth Services Inc. increased its stake in Vertex Pharmaceuticals by 4.0% during the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company's stock worth $247,000 after buying an additional 21 shares during the period. Trust Point Inc. increased its position in shares of Vertex Pharmaceuticals by 2.7% during 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 last quarter. Finally, Williams Jones Wealth Management LLC. raised its position in shares of Vertex Pharmaceuticals by 1.9% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock valued at $524,000 after purchasing an additional 21 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VRTX has been the topic of a number of recent analyst reports. Barclays upped their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Wall Street Zen lowered Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. Morgan Stanley upped their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals in a report on Tuesday, August 4th. Finally, Cantor Fitzgerald lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $563.50.

Insider Activity

In related news, EVP Ourania Tatsis sold 1,500 shares of the business's stock in a transaction that occurred on 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 $23,793,071.79. The trade was a 3.20% decrease in their position. 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, CMO Carmen Bozic sold 4,062 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $450.00, for a total value of $1,827,900.00. Following the completion of the transaction, the chief marketing officer directly owned 16,953 shares in the company, valued at $7,628,850. This represents a 19.33% decrease in their position. 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. In the last ninety days, insiders have sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $505.75 on Monday. Vertex Pharmaceuticals Incorporated has a 52-week low of $374.17 and a 52-week high of $546.17. The firm has a market capitalization of $128.36 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 2.09 and a beta of 0.30. The firm has a 50-day moving average price of $483.26 and a two-hundred day moving average price of $463.67.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data 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 net margin of 35.00% and a return on equity of 23.09%. The company had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.23 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. Vertex Pharmaceuticals's revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current 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.

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