CIBC Bancorp USA Inc. Makes New Investment in Vertex Pharmaceuticals Incorporated $VRTX

CIBC Bancorp USA Inc. acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 44,774 shares of the pharmaceutical company’s stock, valued at approximately $17,535,000.

Other hedge funds have also made changes to their positions in the company. Chesapeake Asset Management LLC raised its holdings in Vertex Pharmaceuticals by 110.0% during the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after purchasing an additional 33 shares in the last quarter. Colonial Trust Co SC boosted its stake in Vertex Pharmaceuticals by 118.8% during the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Total Investment Management Inc. bought a new position in Vertex Pharmaceuticals during the 2nd quarter valued at $33,000. Financial Network Wealth Advisors LLC increased its position in shares of 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. Finally, Y.D. More Investments Ltd raised its stake in shares of Vertex Pharmaceuticals by 345.0% in the 3rd quarter. Y.D. More Investments Ltd now owns 89 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 69 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Trading Up 1.4%

Shares of Vertex Pharmaceuticals stock opened at $458.05 on Friday. The stock has a 50-day moving average price of $469.37 and a 200 day moving average price of $439.70. The company has a market cap of $116.36 billion, a P/E ratio of 29.88, a P/E/G ratio of 1.92 and a beta of 0.31. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $515.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share 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 analysts’ expectations of $3.18 billion. Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $3.98 EPS. On average, equities analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, EVP Ourania Tatsis sold 260 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total transaction of $126,451.00. Following the transaction, the executive vice president directly owned 46,763 shares of the company’s stock, valued at approximately $22,743,185.05. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Duncan Mckechnie sold 4,910 shares of the company’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total transaction of $2,394,361.50. Following the completion of the transaction, the executive vice president owned 17,559 shares in the company, valued at approximately $8,562,646.35. This represents a 21.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 93,485 shares of company stock valued at $43,967,586 in the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on VRTX shares. Bank of America upped their price objective on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the company a “buy” rating in a report on Tuesday, March 10th. Maxim Group raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $575.00 price target for the company in a report on Wednesday. Stifel Nicolaus lifted their price objective on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a “hold” rating in a research note on Friday, February 13th. UBS Group increased their target price on shares of Vertex Pharmaceuticals from $535.00 to $545.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Wells Fargo & Company lifted their price target on shares of Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Twenty-four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $554.30.

Vertex Pharmaceuticals Company 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.