Vertex Pharmaceuticals Incorporated $VRTX Shares Purchased by Man Group plc

Key Points

• Man Group plc increased its stake in Vertex Pharmaceuticals by 5.0% in the fourth quarter, ending with 380,735 shares valued at about $172.6 million.
• Vertex reported stronger-than-expected quarterly results, posting EPS of $4.47 versus the $4.24 consensus estimate, while revenue came in at $2.99 billion and rose 8.3% year over year.
• Analyst sentiment remains positive overall, with 22 Buy ratings and 3 Hold ratings, and a consensus price target of $555.91 despite a few recent target cuts and one downgrade to Hold.

Man Group plc boosted its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 380,735 shares of the pharmaceutical company's stock after buying an additional 17,961 shares during the period. Man Group plc owned 0.15% of Vertex Pharmaceuticals worth $172,610,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in VRTX. Brighton Jones LLC boosted its stake in Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after buying an additional 579 shares during the last quarter. Gamco Investors INC. ET AL acquired a new stake in Vertex Pharmaceuticals in the 2nd quarter worth about $228,000. NewEdge Advisors LLC raised its holdings in shares of Vertex Pharmaceuticals by 9.0% in the 2nd quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company's stock worth $5,311,000 after purchasing an additional 986 shares during the period. ICW Investment Advisors LLC raised its holdings in shares of Vertex Pharmaceuticals by 5.0% in the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock worth $269,000 after purchasing an additional 29 shares during the period. Finally, Diversify Advisory Services LLC raised its holdings in shares of Vertex Pharmaceuticals by 26.3% in the 2nd quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company's stock worth $3,246,000 after purchasing an additional 1,518 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Sangeeta N. Bhatia sold 318 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the sale, the director directly owned 4,924 shares in the company, valued at approximately $2,086,446.52. This trade represents a 6.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of the firm's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $450.00, for a total value of $1,827,900.00. Following the sale, the chief marketing officer owned 16,953 shares in the company, valued at approximately $7,628,850. The trade was a 19.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ:VRTX opened at $458.99 on Thursday. The company has a market cap of $116.49 billion, a P/E ratio of 27.22, a PEG ratio of 1.94 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $507.92. The business's 50-day simple moving average is $438.16 and its 200 day simple moving average is $453.01.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on VRTX. Jefferies Financial Group began coverage on Vertex Pharmaceuticals in a report on Tuesday, March 10th. They issued a "buy" rating and a $580.00 price objective on the stock. 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 report on Tuesday, May 5th. Canaccord Genuity Group cut their price objective on Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating on the stock in a report on Tuesday, May 5th. Wall Street Zen downgraded Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Saturday, May 30th. Finally, Bank of America raised their price objective on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a report on Tuesday, March 10th. Twenty-two equities 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, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $555.91.

Vertex Pharmaceuticals Company 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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