OFI Invest Asset Management Buys 68,832 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• OFI Invest Asset Management massively increased its stake in Vertex, buying 68,832 shares (a 23,572.6% increase) to hold 69,124 shares worth about $31.34 million at quarter-end.
• Insider activity shows significant selling—80,431 shares worth $37.88 million were sold in the last quarter—while institutional investors own 90.96% of the company and insiders hold just 0.20%.
• Analyst sentiment is broadly positive with a consensus price target of $554.30 and mostly Buy ratings, compared with the stock trading around $444 and a market cap near $112.8 billion.

OFI Invest Asset Management raised its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 23,572.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,124 shares of the pharmaceutical company's stock after acquiring an additional 68,832 shares during the quarter. OFI Invest Asset Management's holdings in Vertex Pharmaceuticals were worth $31,338,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of VRTX. Capital International Investors boosted its position in Vertex Pharmaceuticals by 77.9% during the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company's stock valued at $1,836,550,000 after acquiring an additional 2,053,156 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Vertex Pharmaceuticals by 214.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 763,703 shares of the pharmaceutical company's stock worth $299,097,000 after purchasing an additional 520,949 shares in the last quarter. Capital Research Global Investors grew its stake in Vertex Pharmaceuticals by 2.8% during the 3rd quarter. Capital Research Global Investors now owns 16,553,281 shares of the pharmaceutical company's stock worth $6,482,978,000 after buying an additional 444,990 shares during the last quarter. Alliancebernstein L.P. grew its stake in Vertex Pharmaceuticals by 10.7% during the 2nd quarter. Alliancebernstein L.P. now owns 4,378,320 shares of the pharmaceutical company's stock worth $1,949,228,000 after buying an additional 424,808 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in Vertex Pharmaceuticals by 1,373.1% during the 3rd quarter. Nordea Investment Management AB now owns 361,085 shares of the pharmaceutical company's stock worth $140,119,000 after buying an additional 336,573 shares during the last quarter. Institutional investors own 90.96% of the company's stock.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Mark E. Bunnage sold 620 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total transaction of $301,537.00. Following the completion of the sale, the executive vice president owned 7,284 shares of the company's stock, valued at approximately $3,542,573.40. The trade was a 7.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jonathan Biller sold 945 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $459,600.75. Following the sale, the executive vice president directly owned 13,659 shares of the company's stock, valued at approximately $6,643,054.65. This represents a 6.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,431 shares of company stock worth $37,875,167 in the last quarter. 0.20% of the stock is owned by insiders.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $443.92 on Thursday. The stock has a 50-day moving average of $465.41 and a two-hundred day moving average of $445.04. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $510.77. The stock has a market cap of $112.77 billion, a P/E ratio of 28.96, a P/E/G ratio of 1.88 and a beta of 0.36.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 EPS for the quarter, missing analysts' consensus estimates of $5.05 by ($0.02). Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.18 billion. During the same period in the prior year, the firm posted $3.98 EPS. The business's revenue was up 9.5% compared to the same quarter last year. Analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on VRTX shares. Bank of America boosted their target price on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Citigroup boosted their target price on Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Wolfe Research upgraded Vertex Pharmaceuticals from a "peer perform" rating to an "outperform" rating and set a $548.00 target price on the stock in a research note on Tuesday, January 6th. Royal Bank Of Canada dropped their target price on Vertex Pharmaceuticals from $546.00 to $541.00 and set an "outperform" rating on the stock in a research note on Friday, February 13th. Finally, Scotiabank boosted their target price on Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an "outperform" rating in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $554.30.

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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