Migdal Insurance & Financial Holdings Ltd. Makes New Investment in Vertex Pharmaceuticals Incorporated $VRTX

Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,000 shares of the pharmaceutical company’s stock, valued at approximately $29,373,000.

A number of other institutional investors also recently bought and sold shares of VRTX. Brighton Jones LLC lifted its stake in shares of Vertex Pharmaceuticals by 15.0% during the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after buying an additional 579 shares during the period. Silver Oak Securities Incorporated purchased a new position in Vertex Pharmaceuticals in the 2nd quarter worth $170,000. Farther Finance Advisors LLC lifted its position in Vertex Pharmaceuticals by 1.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,906 shares of the pharmaceutical company’s stock worth $1,294,000 after acquiring an additional 35 shares during the period. AdvisorNet Financial Inc lifted its position in Vertex Pharmaceuticals by 13.6% during the 2nd quarter. AdvisorNet Financial Inc now owns 1,674 shares of the pharmaceutical company’s stock worth $745,000 after acquiring an additional 201 shares during the period. Finally, Forte Capital LLC ADV grew its stake in Vertex Pharmaceuticals by 1.1% during the 2nd quarter. Forte Capital LLC ADV now owns 12,587 shares of the pharmaceutical company’s stock valued at $5,604,000 after purchasing an additional 135 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Charles F. Wagner, Jr. sold 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the completion of the transaction, the executive vice president directly owned 37,725 shares of the company’s stock, valued at $17,202,600. This represents a 27.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total value of $28,650,425.20. Following the transaction, the chairman owned 24,026 shares in the company, valued at $10,792,479.20. This trade represents a 72.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 165,105 shares of company stock valued at $73,858,523. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

VRTX has been the subject of several research analyst reports. Royal Bank Of Canada reduced their price objective on Vertex Pharmaceuticals from $423.00 to $415.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 4th. Scotiabank assumed coverage on shares of Vertex Pharmaceuticals in a report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 price target on the stock. Citigroup raised their price target on shares of Vertex Pharmaceuticals from $550.00 to $575.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Wolfe Research raised shares of Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 target price for the company in a report on Tuesday, January 6th. Finally, Wells Fargo & Company increased their price target on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $503.80.

Vertex Pharmaceuticals Price Performance

VRTX opened at $442.08 on Wednesday. The firm has a fifty day moving average price of $447.25 and a 200 day moving average price of $426.90. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $519.68. The stock has a market cap of $112.16 billion, a P/E ratio of 31.18 and a beta of 0.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.58 by $0.22. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the prior year, the firm posted $4.38 earnings per share. The company’s revenue was up 11.0% compared to the same quarter last year. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

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.