Cibc World Market Inc. Acquires New Holdings in Vertex Pharmaceuticals Incorporated $VRTX

by · The Markets Daily

Cibc World Market Inc. bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 27,626 shares of the pharmaceutical company’s stock, valued at approximately $13,723,000.

Several other institutional investors and hedge funds have also bought and sold shares of VRTX. BlackRock Inc. bought a new position in Vertex Pharmaceuticals in the 2nd quarter valued at $11,975,849,000. Norges Bank bought a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth $1,440,149,000. AIGH Capital Management LLC bought a new position in shares of Vertex Pharmaceuticals in the second quarter worth $26,725,000. Bank of New York Mellon Corp purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $830,842,000. Finally, Deutsche Bank AG purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $784,391,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Barclays boosted their target price on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Stifel Nicolaus set a $500.00 price target on Vertex Pharmaceuticals in a research report on Tuesday, August 4th. Weiss Ratings raised Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Cantor Fitzgerald upped their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Finally, UBS Group raised their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $563.50.

Get Our Latest Stock Report on Vertex Pharmaceuticals

Vertex Pharmaceuticals Stock Down 0.1%

VRTX opened at $547.59 on Tuesday. The business’s fifty day simple moving average is $494.60 and its 200 day simple moving average is $466.46. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $555.32. The stock has a market cap of $138.98 billion, a PE ratio of 31.87, a P/E/G ratio of 2.27 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). The firm had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.Vertex Pharmaceuticals’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 earnings per share. As a group, equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 596 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the transaction, the chief marketing officer directly owned 15,337 shares in the company, valued at $7,400,102.50. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the sale, the executive vice president owned 45,321 shares of the company’s stock, valued at approximately $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 10,464 shares of company stock valued at $4,959,397 over the last quarter. 0.20% of the stock is owned by corporate insiders.

About Vertex Pharmaceuticals

(Free Report)

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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