Seven Eight Capital LP Invests $2.98 Million in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Seven Eight Capital LP bought a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,352 shares of the pharmaceutical company’s stock, valued at approximately $2,977,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Groesbeck Investment Management Corp NJ raised its position in Vertex Pharmaceuticals by 1.2% during the 2nd quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock valued at $841,000 after purchasing an additional 21 shares in the last quarter. Institute for Wealth Management LLC. lifted its stake in Vertex Pharmaceuticals by 0.6% in the second quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock worth $1,681,000 after acquiring an additional 22 shares during the period. Drive Wealth Management LLC grew its holdings in Vertex Pharmaceuticals by 2.0% during the 2nd quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock worth $516,000 after acquiring an additional 22 shares in the last quarter. RFP Financial Group LLC raised its holdings in shares of Vertex Pharmaceuticals by 17.0% in the 2nd quarter. RFP Financial Group LLC now owns 158 shares of the pharmaceutical company’s stock valued at $74,000 after purchasing an additional 23 shares in the last quarter. Finally, Hohimer Wealth Management LLC lifted its position in shares of Vertex Pharmaceuticals by 0.8% in the 4th quarter. Hohimer Wealth Management LLC now owns 2,932 shares of the pharmaceutical company’s stock worth $1,193,000 after purchasing an additional 24 shares during the period. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Down 1.7 %

Shares of VRTX stock opened at $481.26 on Wednesday. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals Incorporated has a twelve month low of $341.85 and a twelve month high of $510.64. The stock has a 50 day moving average of $483.77 and a 200 day moving average of $451.24. The stock has a market cap of $124.19 billion, a P/E ratio of 31.23 and a beta of 0.40.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter last year, the business earned $3.53 earnings per share. Vertex Pharmaceuticals’s revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post -2.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on VRTX shares. Redburn Atlantic began coverage on Vertex Pharmaceuticals in a report on Thursday, June 27th. They set a “buy” rating and a $545.00 target price for the company. BMO Capital Markets lifted their target price on Vertex Pharmaceuticals from $480.00 to $500.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. StockNews.com downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Guggenheim raised their price target on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, TD Cowen increased their target price on shares of Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $485.91.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the sale, the chairman now directly owns 9,994 shares in the company, valued at approximately $4,987,006. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the transaction, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction on Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the completion of the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at $4,987,006. The disclosure for this sale can be found here. Insiders sold a total of 34,047 shares of company stock worth $16,843,806 in the last 90 days. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.