Generate Investment Management Ltd Has $280,000 Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Generate Investment Management Ltd slashed its Vertex Pharmaceuticals stake by 97.6% in Q1, ending with just 628 shares worth about $280,000.
• Vertex reported strong quarterly results, posting EPS of $4.47 versus expectations of $4.24, while revenue came in at $2.99 billion and rose 8.3% year over year.
• Wall Street remains bullish on VRTX, with 22 Buy ratings and only 3 Hold ratings; the average analyst price target is $555.91.

Generate Investment Management Ltd decreased its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 97.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 628 shares of the pharmaceutical company's stock after selling 25,706 shares during the quarter. Generate Investment Management Ltd's holdings in Vertex Pharmaceuticals were worth $280,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions 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 boosted its stake in Vertex Pharmaceuticals by 5.0% in the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock valued at $269,000 after buying an additional 29 shares in the last quarter. 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. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on VRTX shares. Barclays lifted their price objective on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Citigroup upped their target price on shares of Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a "buy" rating in a report on Tuesday, March 10th. Maxim Group upgraded shares of Vertex Pharmaceuticals from a "hold" rating to a "buy" rating and set a $575.00 target price for the company in a research report on Wednesday, March 18th. Bank of America lifted their price target on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the company a "buy" rating in a report on Tuesday, March 10th. Finally, HC Wainwright boosted their price target on shares of Vertex Pharmaceuticals from $591.00 to $641.00 and gave the company a "buy" rating in a research report on Tuesday, March 10th. Twenty-two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $555.91.

Vertex Pharmaceuticals Trading Up 3.4%

Shares of NASDAQ VRTX opened at $466.79 on Tuesday. Vertex Pharmaceuticals Incorporated has a 1-year low of $362.50 and a 1-year high of $507.92. The company has a market cap of $118.47 billion, a PE ratio of 27.69, a P/E/G ratio of 1.93 and a beta of 0.30. The company has a 50-day moving average of $439.11 and a two-hundred day moving average of $453.56.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.24 by $0.23. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. Vertex Pharmaceuticals's quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the business earned $4.06 earnings per share. As a group, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 17.02 earnings per share for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Sangeeta N. Bhatia sold 318 shares of the company's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the transaction, the director owned 4,924 shares of the company's stock, valued at $2,086,446.52. This represents a 6.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $425.02, for a total value of $469,222.08. Following the completion of the transaction, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This represents a 5.06% 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. In the last ninety days, insiders have sold 15,195 shares of company stock worth $6,801,006. 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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