Norges Bank bought a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,296,681 shares of the pharmaceutical company’s stock, valued at approximately $380,584,000. Norges Bank owned about 0.90% of Vertex Pharmaceuticals at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Actinver Wealth Management Inc. bought a new position in Vertex Pharmaceuticals in the 4th quarter worth about $272,000. Massmutual Trust Co. FSB ADV bought a new position in Vertex Pharmaceuticals in the 4th quarter worth about $1,798,000. Princeton Global Asset Management LLC bought a new position in Vertex Pharmaceuticals in the 4th quarter worth about $3,283,000. FMR LLC boosted its stake in Vertex Pharmaceuticals by 13.3% in the 4th quarter. FMR LLC now owns 20,483,109 shares of the pharmaceutical company’s stock worth $3,394,256,000 after purchasing an additional 2,411,631 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in Vertex Pharmaceuticals in the 4th quarter worth about $838,000. 95.37% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ VRTX traded up $1.19 during trading hours on Friday, reaching $168.16. 3,195,691 shares of the stock traded hands, compared to its average volume of 1,441,725. The stock has a market cap of $42.99 billion, a price-to-earnings ratio of 59.42, a P/E/G ratio of 2.43 and a beta of 1.64. Vertex Pharmaceuticals Incorporated has a 52-week low of $144.07 and a 52-week high of $195.81.
VRTX has been the subject of several analyst reports. BidaskClub upgraded Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, January 10th. Citigroup lowered their price target on Vertex Pharmaceuticals from $206.00 to $205.00 and set a “buy” rating on the stock in a report on Friday, January 4th. Cowen reaffirmed a “buy” rating and issued a $220.00 price target on shares of Vertex Pharmaceuticals in a report on Wednesday, March 6th. Maxim Group reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a report on Wednesday, March 6th. Finally, Zacks Investment Research raised Vertex Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, January 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $203.31.
In other Vertex Pharmaceuticals news, CEO Jeffrey M. Leiden sold 111,431 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $180.24, for a total value of $20,084,323.44. Following the transaction, the chief executive officer now directly owns 223,916 shares of the company’s stock, valued at approximately $40,358,619.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey M. Leiden sold 32,250 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $186.35, for a total value of $6,009,787.50. Following the completion of the transaction, the chief executive officer now directly owns 155,815 shares in the company, valued at $29,036,125.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 210,018 shares of company stock worth $38,398,113. 0.75% of the stock is currently owned by insiders.
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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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