Convergence Investment Partners LLC Invests $1.43 Million in Vertex Pharmaceuticals Incorporated (VRTX)

Convergence Investment Partners LLC bought a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 11,099 shares of the pharmaceutical company’s stock, valued at approximately $1,430,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Korea Investment CORP increased its stake in shares of Vertex Pharmaceuticals by 225.3% in the first quarter. Korea Investment CORP now owns 950 shares of the pharmaceutical company’s stock valued at $104,000 after buying an additional 658 shares during the period. Guardian Life Insurance Co. of America increased its stake in shares of Vertex Pharmaceuticals by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 956 shares of the pharmaceutical company’s stock valued at $105,000 after buying an additional 6 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in shares of Vertex Pharmaceuticals by 7.1% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,500 shares of the pharmaceutical company’s stock valued at $164,000 after buying an additional 100 shares during the period. State of Alaska Department of Revenue purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at about $197,000. Finally, Sterling Global Strategies LLC purchased a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at about $200,000. 94.89% of the stock is currently owned by institutional investors.

Shares of Vertex Pharmaceuticals Incorporated (VRTX) opened at 154.49 on Tuesday. The company has a market capitalization of $38.95 billion, a PE ratio of 148.41 and a beta of 1.77. The firm’s 50-day moving average is $144.45 and its 200-day moving average is $116.40. Vertex Pharmaceuticals Incorporated has a 12-month low of $71.46 and a 12-month high of $167.85.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Wednesday, July 26th. The pharmaceutical company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.33. The company had revenue of $544.10 million for the quarter, compared to analyst estimates of $489.95 million. Vertex Pharmaceuticals had a net margin of 12.05% and a return on equity of 4.64%. Vertex Pharmaceuticals’s revenue for the quarter was up 26.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 EPS. On average, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post $1.60 EPS for the current fiscal year.

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Several analysts have issued reports on VRTX shares. TheStreet raised shares of Vertex Pharmaceuticals from a “c” rating to a “b-” rating in a research note on Tuesday, May 2nd. Jefferies Group LLC reissued a “buy” rating and set a $126.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 2nd. Maxim Group reissued a “buy” rating and set a $143.00 target price on shares of Vertex Pharmaceuticals in a research note on Friday, April 28th. UBS AG reissued a “buy” rating and set a $135.00 target price (up from $132.00) on shares of Vertex Pharmaceuticals in a research note on Friday, May 19th. Finally, Needham & Company LLC raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $155.00 price target on the stock in a research note on Friday, June 23rd. Five research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Vertex Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $162.88.

In related news, CMO Jeffrey Chodakewitz sold 573 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $129.85, for a total transaction of $74,404.05. Following the completion of the sale, the chief marketing officer now owns 123,084 shares of the company’s stock, valued at approximately $15,982,457.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Paul M. Silva sold 2,577 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $133.36, for a total transaction of $343,668.72. Following the sale, the senior vice president now directly owns 22,648 shares of the company’s stock, valued at approximately $3,020,337.28. The disclosure for this sale can be found here. Insiders have sold a total of 751,042 shares of company stock worth $113,078,257 over the last 90 days. 1.80% of the stock is owned by company insiders.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.

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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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