Cim Investment Management Inc. raised its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 155.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,384 shares of the pharmaceutical company’s stock after acquiring an additional 2,671 shares during the period. Cim Investment Management Inc.’s holdings in Vertex Pharmaceuticals were worth $884,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Cordasco Financial Network bought a new position in Vertex Pharmaceuticals during the second quarter valued at $25,000. Clearstead Advisors LLC bought a new position in Vertex Pharmaceuticals during the first quarter valued at $34,000. Axiom Investment Management LLC purchased a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at $36,000. Deseret Mutual Benefit Administrators purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at $41,000. Finally, Kempen Capital Management N.V. purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at $43,000. Institutional investors and hedge funds own 88.63% of the company’s stock.
In related news, CEO Reshma Kewalramani acquired 10,000 shares of the business’s stock in a transaction dated Thursday, August 19th. The shares were purchased at an average price of $195.65 per share, for a total transaction of $1,956,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 69,511 shares in the company, valued at approximately $13,599,827.15. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.70% of the company’s stock.
Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Thursday, July 29th. The pharmaceutical company reported $3.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.25 by $0.86. Vertex Pharmaceuticals had a net margin of 29.80% and a return on equity of 29.73%. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.71 billion. As a group, research analysts expect that Vertex Pharmaceuticals Incorporated will post 10.83 EPS for the current fiscal year.
A number of analysts have recently issued reports on the stock. Morgan Stanley lowered shares of Vertex Pharmaceuticals from an “equal weight” rating to an “underweight” rating and set a $202.00 target price for the company. in a research note on Tuesday, September 7th. TheStreet lowered shares of Vertex Pharmaceuticals from a “b” rating to a “c+” rating in a research note on Thursday, July 29th. Piper Sandler boosted their target price on shares of Vertex Pharmaceuticals from $261.00 to $323.00 and gave the company an “overweight” rating in a research note on Friday, July 30th. Zacks Investment Research lowered shares of Vertex Pharmaceuticals from a “hold” rating to a “sell” rating and set a $210.00 price objective for the company. in a research note on Tuesday, July 6th. Finally, Raymond James started coverage on shares of Vertex Pharmaceuticals in a research note on Wednesday, June 30th. They issued a “market perform” rating for the company. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $264.70.
About Vertex Pharmaceuticals
Vertex Pharmaceuticals, Inc is a global biotechnology company. It engages in the business of discovering, developing, manufacturing and commercializing small molecule drugs for patients with serious diseases. The firm focuses on development and commercializing therapies for the treatment of cystic fibrosis, infectious diseases including viral infections such as influenza and bacterial infections, autoimmune diseases such as rheumatoid arthritis, cancer, inflammatory bowel disease and neurological disorders including pain and multiple sclerosis.
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