Madison Asset Management LLC Acquires 2,009 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Madison Asset Management LLC raised its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 14.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,201 shares of the pharmaceutical company’s stock after purchasing an additional 2,009 shares during the quarter. Madison Asset Management LLC’s holdings in Vertex Pharmaceuticals were worth $6,345,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of VRTX. Chesapeake Asset Management LLC boosted 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 buying an additional 33 shares in the last quarter. Access Investment Management LLC purchased a new position in Vertex Pharmaceuticals in the 2nd quarter worth approximately $27,000. Legacy Investment Solutions LLC purchased a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth $29,000. Total Investment Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $33,000. Finally, Financial Network Wealth Advisors LLC grew its position in Vertex Pharmaceuticals by 50.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock worth $34,000 after acquiring an additional 29 shares during the period. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Down 0.5%

Shares of NASDAQ VRTX opened at $461.24 on Thursday. The stock has a market capitalization of $117.03 billion, a price-to-earnings ratio of 32.53 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $519.68. The firm has a 50-day moving average price of $459.11 and a 200 day moving average price of $427.29.

Analyst Ratings Changes

Several equities analysts recently issued reports on VRTX shares. Wells Fargo & Company increased their target price on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Wolfe Research raised 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 research report on Tuesday, January 6th. Scotiabank assumed coverage on shares of Vertex Pharmaceuticals in a report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 target price on the stock. Stifel Nicolaus reduced their price target on shares of Vertex Pharmaceuticals from $455.00 to $445.00 and set a “hold” rating for the company in a research report on Tuesday, November 4th. Finally, Morgan Stanley set a $564.00 price objective on shares of Vertex Pharmaceuticals in a research report on Friday, December 5th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $522.68.

Insider Activity

In related news, Chairman Jeffrey M. Leiden sold 63,781 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total value of $28,650,425.20. Following the sale, the chairman directly owned 24,026 shares in the company, valued at $10,792,479.20. The trade was a 72.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ourania Tatsis sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $474.99, for a total transaction of $2,137,455.00. Following the transaction, the executive vice president owned 42,293 shares of the company’s stock, valued at $20,088,752.07. This trade represents a 9.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 145,417 shares of company stock worth $65,190,487 over the last 90 days. 0.20% of the stock is currently owned by corporate 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.