CI Investments Inc. Cuts Holdings in Vertex Pharmaceuticals Incorporated $VRTX

CI Investments Inc. reduced its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 71.9% in the 1st quarter, Holdings Channel reports. The institutional investor owned 14,000 shares of the pharmaceutical company’s stock after selling 35,891 shares during the quarter. CI Investments Inc.’s holdings in Vertex Pharmaceuticals were worth $6,252,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of VRTX. Motiv8 Investments LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter worth $26,000. Swiss RE Ltd. purchased a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth $28,000. Eagle Bay Advisors LLC purchased a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth $29,000. IMG Wealth Management Inc. grew its stake in shares of Vertex Pharmaceuticals by 277.8% during the 4th quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock worth $31,000 after purchasing an additional 50 shares during the period. Finally, Ares Financial Consulting LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth $33,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares of the company’s stock, valued at $5,709,519. This trade represents a 12.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of Vertex Pharmaceuticals stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $425.02, for a total transaction of $469,222.08. Following the sale, the executive vice president owned 20,729 shares of the company’s stock, valued at approximately $8,810,239.58. This trade represents a 5.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 18,874 shares of company stock worth $8,707,966 over the last three months. Company insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on VRTX. Sanford C. Bernstein cut their price target on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an “outperform” rating for the company in a report on Tuesday, May 5th. Canaccord Genuity Group decreased their price objective on shares of Vertex Pharmaceuticals from $437.00 to $436.00 and set a “hold” rating on the stock in a report on Tuesday, May 5th. Wall Street Zen lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. UBS Group increased their target price on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Royal Bank Of Canada lifted their price target on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $559.61.

Vertex Pharmaceuticals Stock Up 0.1%

Shares of NASDAQ:VRTX opened at $473.09 on Friday. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $533.67. The stock’s fifty day simple moving average is $464.96 and its 200-day simple moving average is $459.67. The company has a market capitalization of $120.07 billion, a P/E ratio of 28.06, a P/E/G ratio of 2.13 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter last year, the business posted $4.06 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 17.01 earnings per share for the current year.

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.