Investment Management Corp of Ontario Grows Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Investment Management Corp of Ontario increased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 12.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,585 shares of the pharmaceutical company’s stock after purchasing an additional 2,600 shares during the period. Investment Management Corp of Ontario’s holdings in Vertex Pharmaceuticals were worth $10,969,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Northwest Investment Counselors LLC bought a new position in shares of Vertex Pharmaceuticals in the third quarter valued at $25,000. Highline Wealth Partners LLC acquired a new position in Vertex Pharmaceuticals in the third quarter worth about $27,000. GHP Investment Advisors Inc. bought a new stake in Vertex Pharmaceuticals during the second quarter worth about $29,000. Stephens Consulting LLC acquired a new position in Vertex Pharmaceuticals in the second quarter valued at approximately $31,000. Finally, Founders Capital Management raised its holdings in Vertex Pharmaceuticals by 50.0% in the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after purchasing an additional 25 shares during the period. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VRTX has been the subject of several research analyst reports. Bank of America reduced their target price on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a report on Monday, October 14th. Oppenheimer reduced their price objective on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley boosted their price objective on shares of Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. HC Wainwright restated a “buy” rating and set a $600.00 target price on shares of Vertex Pharmaceuticals in a research note on Monday, October 21st. Finally, UBS Group increased their price objective on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $504.38.

Vertex Pharmaceuticals Trading Down 0.5 %

Shares of VRTX stock opened at $465.73 on Tuesday. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 12 month low of $347.51 and a 12 month high of $519.88. The stock has a 50 day moving average of $472.87 and a two-hundred day moving average of $475.06.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the previous year, the business earned $3.67 earnings per share. The business’s revenue was up 11.6% compared to the same quarter last year. On average, research analysts expect that Vertex Pharmaceuticals Incorporated will post -1.83 EPS for the current year.

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.