Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its Vertex Pharmaceuticals stake by 63.9% in the first quarter, leaving it with 35,361 shares valued at about $15.8 million.
• Vertex has seen insider selling as well, including recent sales by CMO Carmen Bozic and EVP Joy Liu; insiders sold 18,874 shares worth about $8.7 million over the last three months.
• Despite mixed rating changes, Wall Street remains broadly positive on Vertex, with 22 Buy ratings, a Moderate Buy consensus, and an average price target of $559.61; the company also beat quarterly EPS estimates in its latest earnings report.

Bank of Nova Scotia reduced its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 63.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,361 shares of the pharmaceutical company's stock after selling 62,559 shares during the quarter. Bank of Nova Scotia's holdings in Vertex Pharmaceuticals were worth $15,790,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Motiv8 Investments LLC acquired a new position in Vertex Pharmaceuticals in the 4th quarter valued at approximately $26,000. Swiss RE Ltd. acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $28,000. Eagle Bay Advisors LLC bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $29,000. IMG Wealth Management Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 277.8% during 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, Ares Financial Consulting LLC bought a new position in Vertex Pharmaceuticals in the 4th quarter worth $33,000. 90.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CMO Carmen Bozic sold 596 shares of Vertex Pharmaceuticals stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $425.02, for a total value of $469,222.08. Following the sale, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This represents a 5.06% decrease in their ownership of the stock. 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 three months, insiders have sold 18,874 shares of company stock worth $8,707,966. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

VRTX has been the subject of a number of research analyst reports. Wall Street Zen lowered shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. Royal Bank Of Canada raised their price target on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Morgan Stanley boosted their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Barclays increased their target price on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group lowered their target price on Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating on the stock in a report on Tuesday, May 5th. Twenty-two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $559.61.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX opened at $477.36 on Friday. The firm's 50-day moving average is $465.77 and its 200-day moving average is $459.80. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $533.67. The company has a market cap of $121.15 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 2.15 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share 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 business had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. During the same quarter last year, the company earned $4.06 earnings per share. The firm's revenue was up 8.3% on a year-over-year basis. Equities analysts predict that Vertex Pharmaceuticals Incorporated will post 17.01 EPS for the current 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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