Polymer Capital Management HK LTD Buys New Shares in Vertex Pharmaceuticals Incorporated $VRTX

Polymer Capital Management HK LTD acquired a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,068 shares of the pharmaceutical company’s stock, valued at approximately $531,000.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in shares of 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 acquiring an additional 579 shares during the last quarter. Gamco Investors INC. ET AL bought a new stake in Vertex Pharmaceuticals during the second quarter worth $228,000. NewEdge Advisors LLC boosted its holdings in shares of Vertex Pharmaceuticals by 9.0% in the 2nd quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company’s stock worth $5,311,000 after buying an additional 986 shares during the last quarter. ICW Investment Advisors LLC boosted its stake in Vertex Pharmaceuticals by 5.0% in the second quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company’s stock valued at $269,000 after acquiring an additional 29 shares during the last quarter. Finally, Diversify Advisory Services LLC lifted its stake in Vertex Pharmaceuticals by 26.3% in the second quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company’s stock valued at $3,246,000 after purchasing an additional 1,518 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on VRTX shares. Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, August 5th. Truist Financial boosted their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Royal Bank Of Canada increased their target price on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. UBS Group raised their price target on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Morgan Stanley raised their price objective on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $563.50.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president owned 11,001 shares of the company’s stock, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their ownership of the stock. The sale 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, CMO Carmen Bozic sold 596 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $482.50, for a total value of $287,570.00. Following the transaction, the chief marketing officer directly owned 15,337 shares of the company’s stock, valued at approximately $7,400,102.50. This trade represents a 3.74% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,464 shares of company stock valued at $4,959,397 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $548.05 on Monday. The stock has a market capitalization of $139.10 billion, a PE ratio of 31.90, a PEG ratio of 2.27 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1 year low of $374.17 and a 1 year high of $555.32. The business’s 50-day moving average is $492.65 and its 200 day moving average is $465.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts’ consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.23 billion. During the same quarter in the prior year, the company earned $4.52 EPS. Vertex Pharmaceuticals’s revenue was up 12.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 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.