Lombard Odier Asset Management Switzerland SA Cuts Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Lombard Odier Asset Management Switzerland SA reduced its Vertex Pharmaceuticals position by 20.4% in the first quarter, selling 2,380 shares and retaining 9,312 shares valued at approximately $4.16 million. Institutional investors collectively own 90.96% of VRTX.
• Vertex reported quarterly EPS of $4.47, ahead of the $4.24 consensus estimate, while revenue reached $2.99 billion, up 8.3% year over year. Analysts expect full-year EPS of $17.01.
• VRTX shares opened at $477.36, with analysts maintaining a “Moderate Buy” consensus and an average price target of $559.61; meanwhile, insiders sold 18,874 shares worth about $8.71 million over the past three months.

Lombard Odier Asset Management Switzerland SA trimmed its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 20.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,312 shares of the pharmaceutical company's stock after selling 2,380 shares during the period. Lombard Odier Asset Management Switzerland SA's holdings in Vertex Pharmaceuticals were worth $4,158,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of VRTX. Motiv8 Investments LLC purchased a new position in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $26,000. Swiss RE Ltd. purchased a new stake in Vertex Pharmaceuticals during the 4th quarter worth approximately $28,000. Eagle Bay Advisors LLC acquired a new stake in Vertex Pharmaceuticals during the 4th quarter worth approximately $29,000. IMG Wealth Management Inc. boosted its position in Vertex Pharmaceuticals by 277.8% in the 4th quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock valued at $31,000 after buying an additional 50 shares during the period. Finally, Ares Financial Consulting LLC purchased a new position in Vertex Pharmaceuticals in the 4th quarter valued at approximately $33,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ:VRTX opened at $477.36 on Monday. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $533.67. The company's 50 day moving average is $465.77 and its two-hundred day moving average is $459.87. The company has a market cap of $121.15 billion, a PE ratio of 28.31, a P/E/G ratio of 2.15 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.23. The business had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company earned $4.06 EPS. As a group, equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 17.01 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In other news, CMO Carmen Bozic sold 596 shares of the firm's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $482.50, for a total transaction of $287,570.00. Following the sale, the chief marketing officer owned 15,337 shares of the company's stock, valued at approximately $7,400,102.50. This trade represents a 3.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was 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. This trade represents a 3.20% 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 sold 18,874 shares of company stock worth $8,707,966 over the last three months. Company insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

VRTX has been the topic of a number of recent research reports. Sanford C. Bernstein cut their price objective on Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 5th. Truist Financial lifted their target price on Vertex Pharmaceuticals from $542.00 to $560.00 and gave the company a "buy" rating in a report on Monday, July 13th. Canaccord Genuity Group lowered their target price on Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating for the company in a research note on Tuesday, May 5th. Weiss Ratings upgraded Vertex Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 17th. Finally, Barclays increased their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $559.61.

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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