Neo Ivy Capital Management Purchases New Position in Vertex Pharmaceuticals Incorporated $VRTX

Neo Ivy Capital Management acquired a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,256 shares of the pharmaceutical company’s stock, valued at approximately $2,842,000.

Other institutional investors have also recently made changes to their positions in the company. Hohimer Wealth Management LLC boosted its holdings in Vertex Pharmaceuticals by 1.2% during the second quarter. Hohimer Wealth Management LLC now owns 2,123 shares of the pharmaceutical company’s stock worth $945,000 after buying an additional 26 shares in the last quarter. Legacy Wealth Asset Management LLC raised its position in shares of Vertex Pharmaceuticals by 1.8% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,442 shares of the pharmaceutical company’s stock worth $565,000 after acquiring an additional 26 shares during the period. Quent Capital LLC boosted its stake in shares of Vertex Pharmaceuticals by 5.5% during the 3rd quarter. Quent Capital LLC now owns 501 shares of the pharmaceutical company’s stock worth $196,000 after acquiring an additional 26 shares in the last quarter. Washington Trust Advisors Inc. boosted its stake in shares of Vertex Pharmaceuticals by 8.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 349 shares of the pharmaceutical company’s stock worth $137,000 after acquiring an additional 26 shares in the last quarter. Finally, Defined Wealth Management LLC grew its position in shares of Vertex Pharmaceuticals by 3.0% during the 3rd quarter. Defined Wealth Management LLC now owns 932 shares of the pharmaceutical company’s stock valued at $365,000 after acquiring an additional 27 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Weiss Ratings upgraded Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Canaccord Genuity Group increased their price target on Vertex Pharmaceuticals from $411.00 to $441.00 and gave the stock a “hold” rating in a research report on Tuesday, February 17th. Leerink Partners raised their price objective on Vertex Pharmaceuticals from $456.00 to $525.00 and gave the company an “outperform” rating in a report on Monday, December 29th. HC Wainwright set a $591.00 price objective on Vertex Pharmaceuticals in a research report on Tuesday, February 17th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $577.00 target price on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $542.00.

Vertex Pharmaceuticals Trading Down 0.9%

NASDAQ:VRTX opened at $456.69 on Friday. The stock has a 50 day moving average of $467.48 and a two-hundred day moving average of $434.75. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.68. The firm has a market cap of $116.01 billion, a P/E ratio of 29.79 and a beta of 0.31.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share for the quarter, missing the consensus estimate of $5.05 by ($0.02). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The firm had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter last year, the business earned $3.98 EPS. The business’s revenue was up 9.5% compared to the same quarter last year. On average, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Ourania Tatsis sold 4,500 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $474.99, for a total value of $2,137,455.00. Following the completion of the sale, the executive vice president directly owned 42,293 shares in the company, valued at $20,088,752.07. This represents a 9.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark E. Bunnage sold 2,021 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $460.43, for a total transaction of $930,529.03. Following the completion of the transaction, the executive vice president directly owned 12,914 shares in the company, valued at approximately $5,945,993.02. This represents a 13.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 91,156 shares of company stock worth $42,845,497 in the last ninety days. Company insiders own 0.20% of the company’s stock.

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.