Montchanin Asset Management LLC Buys Shares of 6,932 Vertex Pharmaceuticals Incorporated $VRTX

Montchanin Asset Management LLC purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,932 shares of the pharmaceutical company’s stock, valued at approximately $3,095,000. Vertex Pharmaceuticals makes up 3.1% of Montchanin Asset Management LLC’s investment portfolio, making the stock its 10th biggest holding.

A number of other large investors also recently modified their holdings of the business. Norges Bank bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth approximately $1,440,149,000. Victory Capital Management Inc. lifted its position in Vertex Pharmaceuticals by 49.4% in the fourth quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company’s stock worth $1,521,851,000 after purchasing an additional 1,109,200 shares during the period. Capital Research Global Investors boosted its stake in Vertex Pharmaceuticals by 4.6% during the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company’s stock valued at $7,850,544,000 after purchasing an additional 763,063 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at $166,317,000. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Vertex Pharmaceuticals by 520.1% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 381,195 shares of the pharmaceutical company’s stock valued at $149,291,000 after purchasing an additional 319,725 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Down 1.0%

VRTX opened at $477.10 on Friday. The firm has a market cap of $121.09 billion, a PE ratio of 28.30, a P/E/G ratio of 2.17 and a beta of 0.29. The business has a fifty day simple moving average of $470.62 and a 200-day simple moving average of $460.33. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $533.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm posted $4.06 EPS. On average, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 17.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on VRTX shares. Royal Bank Of Canada boosted their price objective on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Morgan Stanley raised their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Truist Financial lifted their target price on Vertex Pharmaceuticals from $542.00 to $560.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 17th. Finally, Sanford C. Bernstein dropped their price target on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. Twenty-two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $559.61.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the sale, the executive vice president directly owned 11,001 shares of the company’s stock, valued at approximately $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the completion of the transaction, the director owned 4,924 shares of the company’s stock, valued at approximately $2,086,446.52. The trade was a 6.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 17,770 shares of company stock worth $8,238,744. Company insiders own 0.20% of the company’s stock.

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.