Bank of Nova Scotia Buys 36,643 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Bank of Nova Scotia grew its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 73.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 86,252 shares of the pharmaceutical company’s stock after purchasing an additional 36,643 shares during the period. Bank of Nova Scotia’s holdings in Vertex Pharmaceuticals were worth $33,780,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in VRTX. Vanguard Group Inc. increased its holdings in shares of Vertex Pharmaceuticals by 1.0% during the third quarter. Vanguard Group Inc. now owns 24,216,865 shares of the pharmaceutical company’s stock valued at $9,484,293,000 after acquiring an additional 243,088 shares in the last quarter. Capital Research Global Investors grew its position in Vertex Pharmaceuticals by 2.8% in the 3rd quarter. Capital Research Global Investors now owns 16,553,281 shares of the pharmaceutical company’s stock valued at $6,482,978,000 after purchasing an additional 444,990 shares during the period. Capital International Investors increased its stake in Vertex Pharmaceuticals by 77.9% during the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company’s stock valued at $1,836,550,000 after purchasing an additional 2,053,156 shares in the last quarter. Alliancebernstein L.P. increased its stake in Vertex Pharmaceuticals by 3.3% during the 3rd quarter. Alliancebernstein L.P. now owns 4,522,586 shares of the pharmaceutical company’s stock valued at $1,771,226,000 after purchasing an additional 144,266 shares in the last quarter. Finally, Loomis Sayles & Co. L P raised its holdings in Vertex Pharmaceuticals by 1.7% during the second quarter. Loomis Sayles & Co. L P now owns 3,813,378 shares of the pharmaceutical company’s stock worth $1,697,716,000 after buying an additional 65,047 shares during the last quarter. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Trading Down 0.7%

VRTX opened at $466.10 on Tuesday. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $517.20. The company has a market cap of $118.40 billion, a PE ratio of 30.40, a price-to-earnings-growth ratio of 2.00 and a beta of 0.31. The company has a 50 day moving average of $470.37 and a 200 day moving average of $438.98.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted 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). Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the prior year, the company earned $3.98 EPS. The company’s revenue was up 9.5% on a year-over-year basis. Research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on VRTX shares. Scotiabank raised their price objective on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the company an “outperform” rating in a research note on Friday, February 13th. Wolfe Research upgraded shares of Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 target price on the stock in a report on Tuesday, January 6th. Leerink Partners raised their price target on shares of Vertex Pharmaceuticals from $456.00 to $525.00 and gave the company an “outperform” rating in a research report on Monday, December 29th. Sanford C. Bernstein reiterated an “outperform” rating and set a $577.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Finally, Stifel Nicolaus boosted their price objective on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a “hold” rating in a report on Friday, February 13th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $553.36.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Amit Sachdev sold 1,846 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total transaction of $897,802.10. Following the sale, the executive vice president owned 55,570 shares of the company’s stock, valued at approximately $27,026,469.50. This represents a 3.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mark E. Bunnage sold 620 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total value of $301,537.00. Following the transaction, the executive vice president directly owned 7,284 shares of the company’s stock, valued at $3,542,573.40. The trade was a 7.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 91,156 shares of company stock worth $42,845,497 in the last 90 days. 0.20% of the stock is owned by company 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.