Figure 8 Investment Strategies LLC Takes Position in Vertex Pharmaceuticals Incorporated $VRTX

Figure 8 Investment Strategies LLC purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,776 shares of the pharmaceutical company’s stock, valued at approximately $882,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. M. Kulyk & Associates LLC bought a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $267,000. Alpine Woods Capital Investors LLC bought a new stake in shares of Vertex Pharmaceuticals during the second quarter worth approximately $347,000. Meeder Advisory Services Inc. bought a new stake in shares of Vertex Pharmaceuticals during the second quarter worth approximately $3,187,000. Meeder Asset Management Inc. acquired a new position in Vertex Pharmaceuticals in the second quarter valued at approximately $26,000. Finally, Citizens Financial Group Inc. RI acquired a new position in Vertex Pharmaceuticals in the second quarter valued at approximately $25,327,000. 90.96% of the stock is owned by institutional investors.

Insider Transactions at Vertex Pharmaceuticals

In related news, EVP Ourania Tatsis sold 1,500 shares of Vertex Pharmaceuticals 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the completion of the sale, the executive vice president owned 11,001 shares in the company, valued at $5,709,519. The trade was a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,464 shares of company stock valued at $4,959,397 over the last three months. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Up 2.5%

Vertex Pharmaceuticals stock opened at $528.19 on Wednesday. The company has a 50 day moving average of $486.36 and a 200-day moving average of $464.31. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $546.17. The stock has a market capitalization of $134.05 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 2.09 and a beta of 0.30.

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings raised shares of Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Truist Financial increased their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. UBS Group raised their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Canaccord Genuity Group lifted their price objective on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a “hold” rating in a research note on Tuesday, August 4th. Finally, Morgan Stanley lifted their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Vertex Pharmaceuticals Company 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.