Ieq Capital LLC Invests $18.55 Million in Vertex Pharmaceuticals Incorporated $VRTX

Ieq Capital LLC acquired a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, Holdings Channel reports. The fund acquired 37,339 shares of the pharmaceutical company’s stock, valued at approximately $18,548,000.

A number of other large investors also recently modified their holdings of VRTX. Meeder Asset Management Inc. bought a new stake in Vertex Pharmaceuticals during the second quarter valued at about $26,000. Community Financial Services Group LLC purchased a new position in shares of Vertex Pharmaceuticals in the second quarter valued at about $26,000. Elevation Wealth Partners LLC boosted its stake in shares of Vertex Pharmaceuticals by 103.7% in the second quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 28 shares during the period. Motiv8 Investments LLC purchased a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth about $26,000. Finally, Swiss RE Ltd. purchased a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Trading Up 1.4%

Shares of Vertex Pharmaceuticals stock opened at $548.05 on Friday. The firm has a market cap of $139.10 billion, a PE ratio of 31.90, a PEG ratio of 2.27 and a beta of 0.30. The stock has a 50 day moving average of $492.65 and a 200 day moving average of $465.92. Vertex Pharmaceuticals Incorporated has a 12 month low of $374.17 and a 12 month high of $555.32.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released 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). Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.The firm had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period in the previous year, the firm earned $4.52 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on VRTX. Morgan Stanley upped their price target on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. UBS Group lifted their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Royal Bank Of Canada boosted their target price on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, TD Cowen raised their target price on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a “buy” rating in a research note 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 issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $563.50.

Insider Activity

In related news, CMO Carmen Bozic sold 4,062 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the sale, the chief marketing officer owned 16,953 shares of the company’s stock, valued at $7,628,850. This represents a 19.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the transaction, the executive vice president owned 11,001 shares of the company’s stock, valued at $5,709,519. This trade represents a 12.29% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 10,464 shares of company stock worth $4,959,397. 0.20% of the stock is currently owned by insiders.

Vertex Pharmaceuticals 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.