Kovitz Investment Group Partners LLC Boosts Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Kovitz Investment Group Partners LLC increased its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 151.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,587 shares of the pharmaceutical company’s stock after buying an additional 48,544 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Vertex Pharmaceuticals were worth $31,561,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Chesapeake Asset Management LLC grew its position in shares of Vertex Pharmaceuticals by 110.0% during the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after buying an additional 33 shares in the last quarter. Access Investment Management LLC purchased a new stake in Vertex Pharmaceuticals in the second quarter worth about $27,000. Legacy Investment Solutions LLC bought a new position in Vertex Pharmaceuticals during the 2nd quarter worth about $29,000. Total Investment Management Inc. bought a new position in Vertex Pharmaceuticals during the 2nd quarter worth about $33,000. Finally, Financial Network Wealth Advisors LLC increased its position in Vertex Pharmaceuticals by 50.9% during the 3rd quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock valued at $34,000 after purchasing an additional 29 shares during the period. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, 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 completion of the transaction, the chairman directly owned 24,026 shares of the company’s stock, valued at $10,792,479.20. This trade represents a 72.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the business’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 sale, the executive vice president directly owned 37,725 shares in the company, valued at approximately $17,202,600. This represents a 27.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 100,852 shares of company stock valued at $45,787,299. 0.20% of the stock is owned by company insiders.

Vertex Pharmaceuticals Trading Up 1.6%

Shares of VRTX opened at $476.90 on Monday. The firm has a market cap of $121.15 billion, a PE ratio of 31.11 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.68. The stock has a fifty day moving average price of $463.26 and a 200-day moving average price of $428.83.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.05 by ($0.02). The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.18 billion. Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the company earned $3.98 earnings per share. As a group, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on VRTX. Weiss Ratings raised shares of Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 4th. Canaccord Genuity Group upped their target price on Vertex Pharmaceuticals from $411.00 to $441.00 and gave the stock a “hold” rating in a report on Tuesday, February 17th. Wolfe Research raised Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 target price on the stock in a research report on Tuesday, January 6th. Leerink Partners boosted their price target on Vertex Pharmaceuticals from $456.00 to $525.00 and gave the stock an “outperform” rating in a research report on Monday, December 29th. Finally, Stifel Nicolaus upped their price objective on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $542.00.

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.