Connective Portfolio Management LLC Has $6.10 Million Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Connective Portfolio Management LLC increased its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 227.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,110 shares of the pharmaceutical company’s stock after purchasing an additional 9,110 shares during the period. Vertex Pharmaceuticals makes up 6.7% of Connective Portfolio Management LLC’s holdings, making the stock its 3rd largest position. Connective Portfolio Management LLC’s holdings in Vertex Pharmaceuticals were worth $6,097,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brookstone Capital Management grew its holdings in shares of Vertex Pharmaceuticals by 11.1% during the first quarter. Brookstone Capital Management now owns 2,368 shares of the pharmaceutical company’s stock worth $990,000 after purchasing an additional 237 shares during the last quarter. Brevan Howard Capital Management LP increased its position in Vertex Pharmaceuticals by 216.3% in the 4th quarter. Brevan Howard Capital Management LP now owns 4,830 shares of the pharmaceutical company’s stock valued at $1,965,000 after buying an additional 3,303 shares in the last quarter. Greenwood Capital Associates LLC raised its position in shares of Vertex Pharmaceuticals by 11.3% during the fourth quarter. Greenwood Capital Associates LLC now owns 25,345 shares of the pharmaceutical company’s stock worth $10,313,000 after purchasing an additional 2,576 shares during the period. First National Bank of Mount Dora Trust Investment Services bought a new stake in Vertex Pharmaceuticals during the 1st quarter valued at $2,763,000. Finally, Creative Planning raised its holdings in shares of Vertex Pharmaceuticals by 5.3% in the 2nd quarter. Creative Planning now owns 79,117 shares of the pharmaceutical company’s stock worth $37,084,000 after acquiring an additional 3,998 shares during the last quarter. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX traded up $0.03 during trading on Wednesday, reaching $458.97. The stock had a trading volume of 20,699 shares, compared to its average volume of 1,173,923. The stock has a market cap of $118.46 billion, a PE ratio of 29.78 and a beta of 0.40. The firm’s 50 day moving average price is $474.88 and its two-hundred day moving average price is $456.44. Vertex Pharmaceuticals Incorporated has a one year low of $341.90 and a one year high of $510.64. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.26 and a current ratio of 2.52.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.66 billion. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. Vertex Pharmaceuticals’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.53 EPS. On average, research analysts forecast that Vertex Pharmaceuticals Incorporated will post -2.14 earnings per share for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the sale, the director now owns 4,435 shares in the company, valued at approximately $2,217,500. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the transaction, the director now directly owns 4,435 shares of the company’s stock, valued at $2,217,500. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Reshma Kewalramani sold 15,202 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $497.00, for a total transaction of $7,555,394.00. Following the completion of the transaction, the chief executive officer now owns 106,172 shares of the company’s stock, valued at approximately $52,767,484. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,487 shares of company stock worth $14,657,149 over the last 90 days. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a report on Friday, July 26th. Piper Sandler raised their price objective on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their target price on shares of Vertex Pharmaceuticals from $505.00 to $510.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. TD Cowen increased their price objective on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada lowered their target price on Vertex Pharmaceuticals from $431.00 to $425.00 and set a “sector perform” rating for the company in a research note on Friday, October 4th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $486.95.

Vertex Pharmaceuticals 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.