Groesbeck Investment Management Corp NJ Boosts Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Groesbeck Investment Management Corp NJ raised its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 20.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,773 shares of the pharmaceutical company’s stock after purchasing an additional 300 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in Vertex Pharmaceuticals were worth $721,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VRTX. Norges Bank purchased a new stake in Vertex Pharmaceuticals in the fourth quarter valued at $707,950,000. Macquarie Group Ltd. raised its holdings in shares of Vertex Pharmaceuticals by 232.3% in the 2nd quarter. Macquarie Group Ltd. now owns 933,179 shares of the pharmaceutical company’s stock valued at $262,961,000 after buying an additional 652,321 shares during the period. Morgan Stanley raised its holdings in shares of Vertex Pharmaceuticals by 33.1% in the 4th quarter. Morgan Stanley now owns 2,578,444 shares of the pharmaceutical company’s stock valued at $744,603,000 after buying an additional 640,899 shares during the period. Man Group plc raised its holdings in shares of Vertex Pharmaceuticals by 144.6% in the 4th quarter. Man Group plc now owns 576,398 shares of the pharmaceutical company’s stock valued at $166,452,000 after buying an additional 340,716 shares during the period. Finally, BSN CAPITAL PARTNERS Ltd purchased a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at $81,378,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $440.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, February 20th. Truist Financial boosted their price objective on Vertex Pharmaceuticals from $456.00 to $508.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. UBS Group cut their price objective on Vertex Pharmaceuticals from $498.00 to $466.00 and set a “buy” rating on the stock in a report on Wednesday. Wells Fargo & Company boosted their price objective on Vertex Pharmaceuticals from $500.00 to $540.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Vertex Pharmaceuticals from $390.00 to $438.00 and gave the company an “overweight” rating in a report on Thursday, February 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $429.45.

Vertex Pharmaceuticals Stock Up 0.1 %

Shares of NASDAQ:VRTX traded up $0.34 on Thursday, hitting $393.44. 285,133 shares of the company’s stock were exchanged, compared to its average volume of 1,236,055. The firm’s 50-day moving average is $414.76 and its 200 day moving average is $396.76. The company has a market capitalization of $101.69 billion, a PE ratio of 28.30, a P/E/G ratio of 1.84 and a beta of 0.35. Vertex Pharmaceuticals Incorporated has a 1-year low of $316.43 and a 1-year high of $448.40. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.78 and a current ratio of 3.99.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings data on Monday, February 5th. The pharmaceutical company reported $4.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.85 by $0.35. The business had revenue of $2.52 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Vertex Pharmaceuticals had a return on equity of 21.91% and a net margin of 36.68%. During the same period in the prior year, the firm posted $3.33 EPS. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.08 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Amit Sachdev sold 3,222 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $420.24, for a total value of $1,354,013.28. Following the completion of the sale, the executive vice president now directly owns 74,364 shares of the company’s stock, valued at approximately $31,250,727.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Stuart A. Arbuckle sold 4,295 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $420.24, for a total value of $1,804,930.80. Following the completion of the sale, the chief operating officer now directly owns 75,718 shares of the company’s stock, valued at approximately $31,819,732.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Amit Sachdev sold 3,222 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $420.24, for a total value of $1,354,013.28. Following the completion of the sale, the executive vice president now directly owns 74,364 shares of the company’s stock, valued at $31,250,727.36. The disclosure for this sale can be found here. Insiders sold a total of 12,381 shares of company stock valued at $5,203,249 in the last three months. 0.20% of the stock is currently owned by company insiders.

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.