CIBC Asset Management Inc Has $37.25 Million Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

CIBC Asset Management Inc raised its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,102 shares of the pharmaceutical company's stock after acquiring an additional 4,432 shares during the period. CIBC Asset Management Inc's holdings in Vertex Pharmaceuticals were worth $37,254,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Creative Planning raised its stake in 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 purchasing an additional 3,998 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Vertex Pharmaceuticals by 640.0% in the second quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company's stock valued at $676,000 after buying an additional 1,248 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Vertex Pharmaceuticals during the second quarter worth approximately $74,213,000. Susquehanna Fundamental Investments LLC bought a new position in Vertex Pharmaceuticals during the 2nd quarter worth $21,008,000. Finally, Keynote Financial Services LLC bought a new position in Vertex Pharmaceuticals during the 3rd quarter worth $498,000. Institutional investors own 90.96% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on VRTX shares. Citigroup assumed coverage on Vertex Pharmaceuticals in a research report on Thursday. They issued a "buy" rating and a $575.00 price target on the stock. Oppenheimer decreased their target price on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an "outperform" rating on the stock in a report on Wednesday, October 30th. Truist Financial reaffirmed a "buy" rating and set a $550.00 price target (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. cut their target price on Vertex Pharmaceuticals from $510.00 to $503.00 and set an "overweight" rating for the company in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $499.12.

Vertex Pharmaceuticals Trading Down 3.8 %

Shares of Vertex Pharmaceuticals stock traded down $18.26 during midday trading on Friday, reaching $465.70. The company had a trading volume of 2,581,391 shares, compared to its average volume of 1,180,121. The firm has a market cap of $119.93 billion, a PE ratio of -234.02 and a beta of 0.39. The stock has a fifty day moving average price of $476.39 and a 200 day moving average price of $471.06. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.20. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $341.90 and a fifty-two week high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $3.61 by $0.77. The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. Vertex Pharmaceuticals's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.67 earnings per share. On average, equities analysts anticipate that Vertex Pharmaceuticals Incorporated will post -1.82 earnings per share for the current year.

Insider Transactions at Vertex Pharmaceuticals

In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the company's stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the transaction, the chairman now owns 9,994 shares in the company, valued at approximately $4,987,006. This represents a 27.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm's stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares of the company's stock, valued at approximately $2,217,500. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

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.