Mcrae Capital Management Inc. Boosts Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Mcrae Capital Management Inc. increased its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 8.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 33,159 shares of the pharmaceutical company’s stock after buying an additional 2,706 shares during the period. Vertex Pharmaceuticals accounts for 2.6% of Mcrae Capital Management Inc.’s holdings, making the stock its 17th biggest position. Mcrae Capital Management Inc.’s holdings in Vertex Pharmaceuticals were worth $12,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VRTX. Brighton Jones LLC raised its holdings in Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after purchasing an additional 579 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Vertex Pharmaceuticals by 18.6% in the second quarter. Chicago Partners Investment Group LLC now owns 1,124 shares of the pharmaceutical company’s stock valued at $536,000 after purchasing an additional 176 shares during the period. Stephens Inc. AR increased its position in shares of Vertex Pharmaceuticals by 2.3% in the second quarter. Stephens Inc. AR now owns 3,392 shares of the pharmaceutical company’s stock valued at $1,510,000 after buying an additional 77 shares in the last quarter. Phoenix Financial Ltd. acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $1,085,000. Finally, Klingman & Associates LLC purchased a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at approximately $207,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Mark E. Bunnage sold 2,021 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $460.43, for a total value of $930,529.03. Following the transaction, the executive vice president directly owned 12,914 shares in the company, valued at $5,945,993.02. The trade was a 13.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the completion of the sale, the executive vice president directly owned 37,725 shares of the company’s stock, valued at approximately $17,202,600. This trade represents a 27.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 100,852 shares of company stock valued at $45,787,299 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Scotiabank boosted their price target on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an “outperform” rating in a report on Friday, February 13th. Evercore upped their price target on shares of Vertex Pharmaceuticals from $475.00 to $530.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $590.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Sanford C. Bernstein reiterated an “outperform” rating and set a $577.00 price objective on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Finally, Morgan Stanley restated an “overweight” rating and issued a $570.00 target price on shares of Vertex Pharmaceuticals in a research report on Friday, February 13th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $542.00.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $470.31 on Thursday. The business’s 50 day moving average price is $462.29 and its 200 day moving average price is $427.83. The company has a market cap of $119.47 billion, a price-to-earnings ratio of 30.68 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.05 by ($0.02). Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same period last year, the business earned $3.98 earnings per share. The firm’s revenue was up 9.5% compared to the same quarter last year. On average, analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

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.