Summit Global Investments Increases Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Summit Global Investments lifted its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 44.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,588 shares of the pharmaceutical company’s stock after purchasing an additional 23,118 shares during the period. Vertex Pharmaceuticals accounts for approximately 2.0% of Summit Global Investments’ holdings, making the stock its 7th largest holding. Summit Global Investments’ holdings in Vertex Pharmaceuticals were worth $30,349,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter valued at about $25,000. Arlington Trust Co LLC increased its position in shares of Vertex Pharmaceuticals by 97.1% in the fourth quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 33 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at about $30,000. Baystate Wealth Management LLC increased its position in shares of Vertex Pharmaceuticals by 49.0% in the fourth quarter. Baystate Wealth Management LLC now owns 76 shares of the pharmaceutical company’s stock valued at $31,000 after acquiring an additional 25 shares during the last quarter. Finally, NBC Securities Inc. acquired a new stake in shares of Vertex Pharmaceuticals in the third quarter valued at about $34,000. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Down 0.7 %

Shares of NASDAQ VRTX traded down $2.88 during midday trading on Thursday, hitting $399.26. The stock had a trading volume of 689,790 shares, compared to its average volume of 1,220,122. The business’s 50 day moving average is $410.17 and its 200-day moving average is $399.54. The company has a market cap of $103.19 billion, a P/E ratio of 28.95, a PEG ratio of 1.85 and a beta of 0.39. Vertex Pharmaceuticals Incorporated has a 52 week low of $320.01 and a 52 week high of $448.40. The company has a quick ratio of 3.78, a current ratio of 3.99 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, February 5th. The pharmaceutical company reported $4.20 EPS for the quarter, beating analysts’ consensus estimates of $3.85 by $0.35. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Vertex Pharmaceuticals had a net margin of 36.68% and a return on equity of 21.91%. During the same period in the prior year, the company earned $3.33 earnings per share. As a group, analysts predict that Vertex Pharmaceuticals Incorporated will post 14.95 EPS for the current year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, EVP Amit Sachdev sold 3,222 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $420.24, for a total transaction of $1,354,013.28. Following the completion of the transaction, the executive vice president now directly owns 74,364 shares of the company’s stock, valued at approximately $31,250,727.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Amit Sachdev sold 3,222 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $420.24, for a total transaction of $1,354,013.28. Following the completion of the sale, the executive vice president now owns 74,364 shares in the company, valued at approximately $31,250,727.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Jeffrey M. Leiden sold 2,656 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $419.51, for a total transaction of $1,114,218.56. Following the sale, the chairman now owns 27,644 shares of the company’s stock, valued at approximately $11,596,934.44. The disclosure for this sale can be found here. Insiders sold 12,381 shares of company stock worth $5,203,249 over the last 90 days. 0.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on VRTX shares. William Blair reaffirmed an “outperform” rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, February 6th. Wolfe Research initiated coverage on Vertex Pharmaceuticals in a research report on Thursday, February 15th. They set an “outperform” rating and a $515.00 price target on the stock. Sanford C. Bernstein cut Vertex Pharmaceuticals from an “outperform” rating to a “market perform” rating in a report on Friday, February 2nd. Maxim Group cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, January 31st. Finally, Robert W. Baird cut Vertex Pharmaceuticals from a “neutral” rating to an “underperform” rating and set a $325.00 price target for the company. in a research note on Wednesday, January 31st. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $429.45.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.