Arrowpoint Investment Partners Singapore Pte. Ltd. Acquires New Stake in Vertex Pharmaceuticals Incorporated $VRTX

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 3,364 shares of the pharmaceutical company’s stock, valued at approximately $1,525,000.

Several other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Vertex Pharmaceuticals during the 4th quarter worth approximately $1,440,149,000. Capital International Investors lifted its holdings in shares of Vertex Pharmaceuticals by 77.9% in the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company’s stock valued at $1,836,550,000 after buying an additional 2,053,156 shares during the period. Capital Research Global Investors boosted its stake in shares of Vertex Pharmaceuticals by 2.8% in the third quarter. Capital Research Global Investors now owns 16,553,281 shares of the pharmaceutical company’s stock valued at $6,482,978,000 after buying an additional 444,990 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $166,317,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Vertex Pharmaceuticals by 520.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 381,195 shares of the pharmaceutical company’s stock worth $149,291,000 after acquiring an additional 319,725 shares during the period. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $441.74 on Friday. The stock has a fifty day moving average price of $437.49 and a 200 day moving average price of $451.84. The stock has a market cap of $112.11 billion, a PE ratio of 26.20, a P/E/G ratio of 1.84 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted 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 return on equity of 23.86% and a net margin of 35.51%.The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same quarter in the prior year, the company earned $4.06 earnings per share. Vertex Pharmaceuticals’s revenue was up 8.3% compared to the same quarter last year. As a group, equities research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.99 earnings per share for the current year.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 6,988 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $450.00, for a total value of $3,144,600.00. Following the sale, the chief marketing officer directly owned 26,088 shares of the company’s stock, valued at approximately $11,739,600. This represents a 21.13% decrease in their position. 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, Director Sangeeta N. Bhatia sold 318 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $423.73, for a total transaction of $134,746.14. Following the transaction, the director owned 4,924 shares of the company’s stock, valued at $2,086,446.52. This trade represents a 6.07% 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. Insiders have sold 11,717 shares of company stock worth $5,309,945 in the last three months. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on VRTX shares. Scotiabank increased their price objective on Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an “outperform” rating in a research report on Friday, February 13th. Stifel Nicolaus upped their price target on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Truist Financial began coverage on shares of Vertex Pharmaceuticals in a report on Wednesday, May 27th. They issued a “buy” rating and a $542.00 price target for the company. Oppenheimer raised their price objective on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the company an “outperform” rating in a research note on Tuesday, March 10th. Finally, Canaccord Genuity Group decreased their price objective on shares of 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 analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $555.91.

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.