PeakShares LLC Invests $1.02 Million in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• PeakShares LLC opened a new position in Vertex Pharmaceuticals, buying 2,244 shares valued at about $1.02 million in the fourth quarter.
• Vertex continues to attract strong institutional interest, with hedge funds and other investors owning 90.96% of the stock. Several firms also recently added or increased positions.
• Wall Street remains bullish on Vertex: 22 analysts rate it a Buy and only 3 rate it Hold, with an average price target of $555.91 versus a recent share price of $451.63.

PeakShares LLC purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,244 shares of the pharmaceutical company's stock, valued at approximately $1,017,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Motiv8 Investments LLC acquired a new stake in shares of Vertex Pharmaceuticals in the 4th quarter worth $26,000. Swiss RE Ltd. acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $28,000. Eagle Bay Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $29,000. IMG Wealth Management Inc. grew its holdings in shares of Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock valued at $31,000 after purchasing an additional 50 shares during the period. Finally, Colonial Trust Co SC increased its position in Vertex Pharmaceuticals by 118.8% during the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. HC Wainwright lifted their target price on shares of Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Jefferies Financial Group initiated coverage on shares of Vertex Pharmaceuticals in a report on Tuesday, March 10th. They set a "buy" rating and a $580.00 price target for the company. 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 research report on Tuesday, May 5th. Maxim Group upgraded Vertex Pharmaceuticals from a "hold" rating to a "buy" rating and set a $575.00 price objective on the stock in a report on Wednesday, March 18th. Finally, Bank of America increased their price objective on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a research report on Tuesday, March 10th. Twenty-two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $555.91.

Insider Transactions at Vertex Pharmaceuticals

In related news, Director Sangeeta N. Bhatia sold 318 shares of the business's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.73, for a total value of $134,746.14. Following the sale, the director owned 4,924 shares in the company, valued at approximately $2,086,446.52. The trade was a 6.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 6,988 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $450.00, for a total value of $3,144,600.00. Following the transaction, the chief marketing officer directly owned 26,088 shares in the company, valued at approximately $11,739,600. The trade was a 21.13% 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 a total of 15,195 shares of company stock worth $6,801,006 over the last ninety days. Company insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Price Performance

Shares of VRTX opened at $451.63 on Friday. The firm has a 50-day simple moving average of $438.71 and a two-hundred day simple moving average of $453.13. The stock has a market cap of $114.62 billion, a PE ratio of 26.79, a P/E/G ratio of 1.93 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1-year low of $362.50 and a 1-year high of $507.92.

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

Vertex Pharmaceuticals 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.

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