Figure 8 Investment Strategies LLC Purchases New Stake in Vertex Pharmaceuticals Incorporated $VRTX

Figure 8 Investment Strategies LLC bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,776 shares of the pharmaceutical company’s stock, valued at approximately $882,000.

Several other large investors have also recently bought and sold shares of VRTX. Bangor Savings Bank grew its position in shares of Vertex Pharmaceuticals by 0.4% in the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company’s stock valued at $2,220,000 after purchasing an additional 20 shares during the last quarter. Earned Wealth Advisors LLC boosted its stake in Vertex Pharmaceuticals by 3.3% in the 4th quarter. Earned Wealth Advisors LLC now owns 650 shares of the pharmaceutical company’s stock valued at $295,000 after purchasing an additional 21 shares during the period. Confluence Wealth Services Inc. grew its holdings in Vertex Pharmaceuticals by 4.0% in the 4th quarter. Confluence Wealth Services Inc. now owns 545 shares of the pharmaceutical company’s stock valued at $247,000 after buying an additional 21 shares in the last quarter. Trust Point Inc. increased its position in Vertex Pharmaceuticals by 2.7% during the 2nd quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company’s stock worth $394,000 after buying an additional 21 shares during the period. Finally, Williams Jones Wealth Management LLC. increased its position in Vertex Pharmaceuticals by 1.9% during the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company’s stock worth $524,000 after buying an additional 21 shares during the period. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Stock Up 2.5%

Shares of Vertex Pharmaceuticals stock opened at $528.19 on Wednesday. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $546.17. The company has a market capitalization of $134.05 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 2.09 and a beta of 0.30. The firm’s 50-day moving average price is $486.36 and its two-hundred day moving average price is $464.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing the consensus estimate of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same quarter in the previous year, the firm posted $4.52 earnings per share. Vertex Pharmaceuticals’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VRTX. Barclays boosted their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. UBS Group raised their price target on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Cantor Fitzgerald lifted their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Wall Street Zen downgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. Finally, Morgan Stanley increased their target price on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock 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 given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $563.50.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 1,541 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the sale, the executive vice president owned 45,321 shares of the company’s stock, valued at approximately $23,793,071.79. This represents a 3.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 10,464 shares of company stock valued at $4,959,397 over the last three months. 0.20% of the stock is owned by insiders.

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.