Sofinnova Investments Inc. Has $74.62 Million Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Sofinnova Investments Inc. increased its Vertex Pharmaceuticals stake by 39.6% in the fourth quarter, adding 46,719 shares to reach 164,594 shares worth about $74.62 million. Vertex now makes up roughly 3.0% of Sofinnova’s portfolio and is its 7th-largest holding.
• Vertex reported solid quarterly results, posting EPS of $4.47 versus the $4.24 consensus estimate while revenue came in at $2.99 billion, in line with expectations. Revenue rose 8.3% year over year, and analysts expect full-year EPS of 17.02.
• Wall Street remains broadly positive on VRTX, with 22 analysts rating it a Buy and only three Hold ratings. The consensus target price is $555.91, though recent insider sales included transactions by EVP Joy Liu and CMO Carmen Bozic.

Sofinnova Investments Inc. grew its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 39.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 164,594 shares of the pharmaceutical company's stock after purchasing an additional 46,719 shares during the quarter. Vertex Pharmaceuticals comprises about 3.0% of Sofinnova Investments Inc.'s holdings, making the stock its 7th biggest holding. Sofinnova Investments Inc. owned about 0.06% of Vertex Pharmaceuticals worth $74,620,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Motiv8 Investments LLC bought a new position in Vertex Pharmaceuticals in the 4th quarter worth $26,000. Swiss RE Ltd. bought a new position in Vertex Pharmaceuticals in the 4th quarter worth $28,000. Eagle Bay Advisors LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 4th quarter worth about $29,000. IMG Wealth Management Inc. grew its position in shares of Vertex Pharmaceuticals by 277.8% in the 4th quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock worth $31,000 after buying an additional 50 shares during the period. Finally, Colonial Trust Co SC grew its position in shares of Vertex Pharmaceuticals by 118.8% in the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after buying an additional 38 shares during the period. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $450.46 on Tuesday. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $507.92. The company's 50-day moving average is $437.38 and its 200 day moving average is $452.67. The company has a market capitalization of $114.33 billion, a price-to-earnings ratio of 26.72, a price-to-earnings-growth ratio of 1.90 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating 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 company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the firm posted $4.06 EPS. Vertex Pharmaceuticals's revenue for the quarter was up 8.3% on a year-over-year basis. As a group, research analysts predict that Vertex Pharmaceuticals Incorporated will post 17.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings raised shares of Vertex Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, May 18th. Bank of America upped their target price on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a research report on Tuesday, March 10th. Sanford C. Bernstein reduced their target price on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 5th. Wall Street Zen downgraded shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Saturday, May 30th. Finally, Maxim Group raised shares of Vertex Pharmaceuticals from a "hold" rating to a "buy" rating and set a $575.00 target price on the stock in a research report on Wednesday, March 18th. Twenty-two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $555.91.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Joy Liu sold 1,104 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $425.02, for a total transaction of $469,222.08. Following the sale, the executive vice president directly owned 20,729 shares of the company's stock, valued at approximately $8,810,239.58. This represents a 5.06% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 1,745 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $450.00, for a total transaction of $785,250.00. Following the transaction, the chief marketing officer owned 21,015 shares in the company, valued at $9,456,750. This represents a 7.67% 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 11,133 shares of company stock valued at $4,973,106. 0.20% of the stock is owned by insiders.

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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