ARK Investment Management LLC Boosts Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

ARK Investment Management LLC grew its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 6.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,665 shares of the pharmaceutical company’s stock after buying an additional 1,602 shares during the period. ARK Investment Management LLC’s holdings in Vertex Pharmaceuticals were worth $10,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in VRTX. Hohimer Wealth Management LLC raised its position in shares of Vertex Pharmaceuticals by 1.2% during the 2nd quarter. Hohimer Wealth Management LLC now owns 2,123 shares of the pharmaceutical company’s stock worth $945,000 after acquiring an additional 26 shares in the last quarter. Legacy Wealth Asset Management LLC increased its stake in Vertex Pharmaceuticals by 1.8% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,442 shares of the pharmaceutical company’s stock valued at $565,000 after purchasing an additional 26 shares during the last quarter. Quent Capital LLC increased its stake in Vertex Pharmaceuticals by 5.5% in the third quarter. Quent Capital LLC now owns 501 shares of the pharmaceutical company’s stock valued at $196,000 after purchasing an additional 26 shares during the last quarter. Washington Trust Advisors Inc. raised its holdings in Vertex Pharmaceuticals by 8.0% during the third quarter. Washington Trust Advisors Inc. now owns 349 shares of the pharmaceutical company’s stock worth $137,000 after purchasing an additional 26 shares in the last quarter. Finally, Defined Wealth Management LLC lifted its position in shares of Vertex Pharmaceuticals by 3.0% during the 3rd quarter. Defined Wealth Management LLC now owns 932 shares of the pharmaceutical company’s stock worth $365,000 after buying an additional 27 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Down 3.6%

Shares of Vertex Pharmaceuticals stock opened at $460.82 on Friday. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68. The company’s 50-day simple moving average is $467.60 and its 200-day simple moving average is $434.29. The firm has a market cap of $117.06 billion, a price-to-earnings ratio of 30.06 and a beta of 0.31.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Leerink Partners increased their target price 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. Wolfe Research upgraded shares of Vertex Pharmaceuticals from a “peer perform” rating to an “outperform” rating and set a $548.00 price objective for the company in a research note on Tuesday, January 6th. Stifel Nicolaus raised 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. Wells Fargo & Company boosted their target price on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Finally, Oppenheimer raised Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $540.00 target price for the company in a research report on Friday, February 13th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $542.00.

Insiders Place Their Bets

In related news, EVP Amit Sachdev sold 1,846 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $897,802.10. Following the sale, the executive vice president directly owned 55,570 shares in the company, valued at $27,026,469.50. The trade was a 3.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jonathan Biller sold 945 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $459,600.75. Following the transaction, the executive vice president directly owned 13,659 shares in the company, valued at $6,643,054.65. This represents a 6.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 91,156 shares of company stock worth $42,845,497. Corporate 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.