Canada Pension Plan Investment Board Purchases New Shares in Vertex Pharmaceuticals Incorporated $VRTX

Canada Pension Plan Investment Board purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 355,082 shares of the pharmaceutical company’s stock, valued at approximately $176,380,000.

Other large investors also recently added to or reduced their stakes in the company. Castleark Management LLC purchased a new position in Vertex Pharmaceuticals during the second quarter valued at $363,000. Royal Capital Wealth Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter worth about $248,000. Solas Capital Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter worth about $20,311,000. Legal & General Group Plc acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $29,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth about $275,231,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Trading Down 1.0%

VRTX opened at $547.29 on Thursday. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.69. The firm has a market capitalization of $138.90 billion, a PE ratio of 31.86, a PEG ratio of 2.40 and a beta of 0.30. The firm’s 50-day moving average price is $498.36 and its 200 day moving average price is $467.66.

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

Insider Activity

In related news, EVP Ourania Tatsis sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value 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. This trade represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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 value of $287,570.00. Following the transaction, the chief marketing officer owned 15,337 shares in the company, valued at approximately $7,400,102.50. The trade was a 3.74% decrease in their position. 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. Insiders sold 10,464 shares of company stock worth $4,959,397 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VRTX. Morgan Stanley lifted their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Canaccord Genuity Group increased their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Barclays raised their target price on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Weiss Ratings lowered Vertex Pharmaceuticals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday. Finally, Cantor Fitzgerald boosted their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $563.50.

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.