Mcrae Capital Management Inc. Raises Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Mcrae Capital Management Inc. boosted its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 8.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,159 shares of the pharmaceutical company’s stock after buying an additional 2,706 shares during the quarter. Vertex Pharmaceuticals accounts for about 2.6% of Mcrae Capital Management Inc.’s holdings, making the stock its 17th biggest holding. Mcrae Capital Management Inc.’s holdings in Vertex Pharmaceuticals were worth $12,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Chesapeake Asset Management LLC lifted its stake in Vertex Pharmaceuticals by 110.0% during the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after purchasing an additional 33 shares in the last quarter. Access Investment Management LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter valued at $27,000. Legacy Investment Solutions LLC acquired a new position in Vertex Pharmaceuticals during the 2nd quarter worth about $29,000. Total Investment Management Inc. purchased a new position in Vertex Pharmaceuticals during the 2nd quarter valued at about $33,000. Finally, Financial Network Wealth Advisors LLC grew its position in Vertex Pharmaceuticals by 50.9% in the 3rd quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock valued at $34,000 after acquiring an additional 29 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th. Evercore increased their target price on shares of Vertex Pharmaceuticals from $475.00 to $530.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. HC Wainwright set a $591.00 price target on shares of Vertex Pharmaceuticals in a research report on Tuesday. Canaccord Genuity Group upped their price objective on Vertex Pharmaceuticals from $411.00 to $441.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, UBS Group increased their price objective on Vertex Pharmaceuticals from $535.00 to $545.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Twenty-two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $542.00.

Vertex Pharmaceuticals Stock Down 1.5%

Shares of VRTX opened at $470.31 on Thursday. The stock has a 50 day moving average price of $462.29 and a 200 day moving average price of $427.83. The company has a market capitalization of $119.47 billion, a price-to-earnings ratio of 30.68 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68.

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

Insider Activity at Vertex Pharmaceuticals

In other news, EVP Mark E. Bunnage sold 2,021 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $460.43, for a total transaction of $930,529.03. Following the completion of the sale, the executive vice president 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total value of $28,650,425.20. Following the completion of the transaction, the chairman owned 24,026 shares in the company, valued at $10,792,479.20. This trade represents a 72.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 100,852 shares of company stock worth $45,787,299 in the last three months. Company insiders own 0.20% of the company’s stock.

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.