Sofinnova Investments Inc. Boosts Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Sofinnova Investments Inc. raised its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 39.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 164,594 shares of the pharmaceutical company’s stock after acquiring an additional 46,719 shares during the period. Vertex Pharmaceuticals makes up approximately 3.0% of Sofinnova Investments Inc.’s holdings, making the stock its 7th biggest position. Sofinnova Investments Inc.’s holdings in Vertex Pharmaceuticals were worth $74,620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of VRTX. Motiv8 Investments LLC bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $26,000. Colonial Trust Co SC lifted its stake in Vertex Pharmaceuticals by 118.8% during the 3rd quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 38 shares during the period. Swiss RE Ltd. bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $28,000. Eagle Bay Advisors LLC bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $29,000. Finally, IMG Wealth Management Inc. lifted its stake in Vertex Pharmaceuticals by 277.8% during the 4th quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company’s stock valued at $31,000 after acquiring an additional 50 shares during the period. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Trading Up 1.2%

NASDAQ VRTX opened at $450.46 on Tuesday. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $507.92. The stock has a market cap of $114.33 billion, a price-to-earnings ratio of 26.72, a PEG ratio of 1.90 and a beta of 0.30. The company’s 50 day moving average is $437.38 and its two-hundred day moving average is $452.67.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter last year, the business earned $4.06 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. Sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 17.02 EPS for the current year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, EVP Joy Liu sold 1,104 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $425.02, for a total transaction of $469,222.08. Following the sale, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This trade represents a 5.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 1,745 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $450.00, for a total transaction of $785,250.00. Following the sale, the chief marketing officer owned 21,015 shares in the company, valued at approximately $9,456,750. The trade was a 7.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 11,133 shares of company stock worth $4,973,106. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

VRTX has been the topic of several recent research reports. Wall Street Zen cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Saturday, May 30th. HC Wainwright increased their price objective on shares of Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Bank of America increased their price objective on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Maxim Group upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $575.00 price objective on the stock in a research note on Wednesday, March 18th. Finally, Oppenheimer increased their price objective on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 10th. Twenty-two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $555.91.

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.