CIBC Asset Management Inc Acquires 4,432 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

CIBC Asset Management Inc grew its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,102 shares of the pharmaceutical company’s stock after buying an additional 4,432 shares during the quarter. CIBC Asset Management Inc’s holdings in Vertex Pharmaceuticals were worth $37,254,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter valued at approximately $25,000. Highline Wealth Partners LLC bought a new stake in Vertex Pharmaceuticals during the third quarter worth $27,000. GHP Investment Advisors Inc. acquired a new stake in Vertex Pharmaceuticals in the second quarter valued at $29,000. Stephens Consulting LLC bought a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at about $31,000. Finally, Founders Capital Management increased its stake in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after purchasing an additional 25 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VRTX has been the subject of several recent analyst reports. StockNews.com upgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. TD Cowen raised their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank boosted their target price on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 5th. Canaccord Genuity Group increased their price objective on shares of Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a “sell” rating in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $480.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $499.12.

Insider Activity at Vertex Pharmaceuticals

In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction on Friday, August 30th. The shares were 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 owns 9,994 shares of the company’s stock, valued at $4,987,006. The trade was a 27.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. This trade represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $465.70 on Friday. Vertex Pharmaceuticals Incorporated has a 12 month low of $341.90 and a 12 month high of $519.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.20. The business has a fifty day simple moving average of $476.44 and a two-hundred day simple moving average of $470.57.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the company earned $3.67 EPS. On average, research analysts expect that Vertex Pharmaceuticals Incorporated will post -1.82 earnings per share for the current year.

Vertex Pharmaceuticals 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.