Miles Capital Inc. Raises Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Miles Capital Inc. lifted its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 13.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,393 shares of the pharmaceutical company’s stock after buying an additional 169 shares during the period. Miles Capital Inc.’s holdings in Vertex Pharmaceuticals were worth $255,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in Vertex Pharmaceuticals by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 3,059,306 shares of the pharmaceutical company’s stock worth $505,995,000 after purchasing an additional 207,934 shares during the last quarter. Alps Advisors Inc. acquired a new stake in Vertex Pharmaceuticals in the first quarter valued at approximately $406,000. Robeco Institutional Asset Management B.V. raised its holdings in Vertex Pharmaceuticals by 62.6% in the first quarter. Robeco Institutional Asset Management B.V. now owns 40,986 shares of the pharmaceutical company’s stock valued at $7,540,000 after acquiring an additional 15,783 shares in the last quarter. Cornerstone Advisors Inc. raised its holdings in Vertex Pharmaceuticals by 9.8% in the first quarter. Cornerstone Advisors Inc. now owns 943 shares of the pharmaceutical company’s stock valued at $173,000 after acquiring an additional 84 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Vertex Pharmaceuticals by 404.8% in the first quarter. Victory Capital Management Inc. now owns 19,027 shares of the pharmaceutical company’s stock valued at $3,500,000 after acquiring an additional 15,258 shares in the last quarter. 95.03% of the stock is currently owned by hedge funds and other institutional investors.

In related news, EVP David Altshuler sold 12,501 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $186.38, for a total transaction of $2,329,936.38. Following the completion of the transaction, the executive vice president now owns 35,803 shares in the company, valued at approximately $6,672,963.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jeffrey M. Leiden sold 56,030 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $175.39, for a total value of $9,827,101.70. Following the transaction, the chief executive officer now owns 162,317 shares of the company’s stock, valued at approximately $28,468,778.63. The disclosure for this sale can be found here. In the last three months, insiders have sold 93,641 shares of company stock worth $16,705,255. 0.70% of the stock is currently owned by insiders.

Several brokerages recently weighed in on VRTX. Goldman Sachs Group raised shares of Vertex Pharmaceuticals from a “neutral” rating to a “buy” rating and raised their target price for the company from $226.00 to $254.00 in a report on Tuesday, September 3rd. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $212.00 price objective on shares of Vertex Pharmaceuticals in a research report on Thursday, August 1st. Piper Jaffray Companies lifted their price objective on shares of Vertex Pharmaceuticals from $217.00 to $230.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. ValuEngine lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Morgan Stanley lifted their price objective on shares of Vertex Pharmaceuticals from $215.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have issued a buy rating to the company. Vertex Pharmaceuticals has a consensus rating of “Buy” and an average price target of $210.68.

Shares of NASDAQ:VRTX traded up $2.76 on Friday, hitting $175.21. The company’s stock had a trading volume of 54,087 shares, compared to its average volume of 1,013,137. Vertex Pharmaceuticals Incorporated has a 12 month low of $151.80 and a 12 month high of $195.81. The company has a market capitalization of $45.04 billion, a price-to-earnings ratio of 61.95, a price-to-earnings-growth ratio of 2.23 and a beta of 1.37. The stock’s 50-day moving average is $178.26 and its two-hundred day moving average is $177.80. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.63 and a current ratio of 3.74.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.24. Vertex Pharmaceuticals had a return on equity of 21.73% and a net margin of 64.13%. The company had revenue of $941.29 million during the quarter, compared to analysts’ expectations of $884.66 million. During the same quarter in the prior year, the business posted $0.94 earnings per share. The company’s revenue for the quarter was up 25.1% compared to the same quarter last year. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 3.41 earnings per share for the current fiscal year.

Vertex Pharmaceuticals declared that its board has approved a stock buyback program on Wednesday, July 31st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the pharmaceutical company to reacquire up to 1.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.

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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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