Ingalls & Snyder LLC Increases Stake in Vertex Pharmaceuticals

Ingalls & Snyder LLC has made a significant move in the financial market by increasing its stake in Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) by a remarkable 202.0% during the fourth quarter, according to the firm's latest 13F filing with the Securities and Exchange Commission. Following an acquisition of an additional 2,000 shares, Ingalls & Snyder LLC now holds a total of 2,990 shares of Vertex Pharmaceuticals.

As of the end of the most recent quarter, the firm's holdings in Vertex Pharmaceuticals were valued at approximately $1,204,000.

Changes by Other Institutional Investors

In addition to Ingalls & Snyder LLC, several other institutional investors have made adjustments to their stakes in Vertex Pharmaceutical. For instance, Czech National Bank increased its holdings in the company by 6.2% during the fourth quarter, resulting in ownership of 55,838 shares valued at around $22,486,000 after acquiring 3,260 additional shares.

Furthermore, Whalen Wealth Management Inc. established a new position in Vertex Pharmaceuticals during the third quarter, valued at about $662,000. Concord Wealth Partners also reported a 32.6% increase in its holdings, bringing its total to 3,508 shares worth $1,413,000 after adding 862 shares in the last quarter.

Mizuho Securities USA LLC had an even more pronounced increase, boosting its position by an astonishing 289.0% in the third quarter, which resulted in ownership of 77,393 shares valued at $35,994,000 after a purchase of 57,497 shares. Additionally, Nordea Investment Management AB increased its holdings by 19.4% in the fourth quarter, owning 342,429 shares valued at $137,783,000 after acquiring 55,739 shares in the recent period. It is noteworthy that institutional investors collectively own about 90.96% of Vertex Pharmaceuticals’ stock.

Insider Trading Activities

In related news, an executive vice president at Vertex Pharmaceuticals, Ourania Tatsis, sold 310 shares on February 11, with the sale taking place at an average price of $459.83 per share. This transaction totaled approximately $142,547.30. Following the sale, Tatsis holds 64,021 shares in the company, valued at around $29,438,776.43, indicating a slight decrease in ownership by 0.48%. This transaction was officially reported in a filing with the Securities and Exchange Commission. Company insiders currently hold only 0.20% of the company's stock.

Vertex Pharmaceuticals Stock Performance

Vertex Pharmaceuticals stocks experienced a slight increase of 2.1%. As of the latest trading session, shares opened at $462.58. The company showcases robust financial metrics with a current ratio of 2.47, quick ratio of 2.20, and a low debt-to-equity ratio of 0.01. Over the past year, Vertex’s stock has seen a low of $377.85 and a high of $519.88. The 50-day moving average price stands at $435.70, with a 200-day moving average price of $461.79. The firm boasts a market capitalization of $119.13 billion, with a price-to-earnings ratio of -232.45 and a P/E/G ratio of 1.80.

Recent Earnings Report

Vertex Pharmaceuticals released its latest quarterly earnings report on February 10, where the company reported earnings of $3.54 per share (EPS), falling short of analysts’ expectations, which had anticipated $3.99. The company recorded a negative net margin of 4.52% and a negative return on equity of 1.91%. Analysts forecast a challenging year ahead, with an average expectation of -1.94 EPS for the current fiscal year.

Analyst Ratings and Recommendations

A range of analysts has recently provided insights on Vertex Pharmaceuticals. Canaccord Genuity Group upgraded the stock from a 'sell' to a 'hold' rating while raising its price target from $408.00 to $424.00. UBS Group also increased its target price from $562.00 to $586.00, maintaining a 'buy' rating. However, Oppenheimer downgraded Vertex from 'outperform' to 'market perform' on December 19. Meanwhile, Royal Bank of Canada raised its price objective from $402.00 to $407.00 while maintaining a 'sector perform' rating. BMO Capital Markets reduced its target price from $566.00 to $520.00, categorizing the stock as 'outperform'. In total, ten analysts recommend a hold rating, seventeen recommend buying, and one rates the stock as a strong buy, according to data from MarketBeat.com, leading to an overall average rating of 'Moderate Buy'. The average consensus target price is estimated at $505.96.

Vertex Pharmaceuticals Overview

Vertex Pharmaceuticals Incorporated is a biotechnology firm primarily focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF). The company is notable for marketing TRIKAFTA/KAFTRIO for individuals with at least one F508del mutation aged two years and older, along with other CF treatments tailored to various age groups and conditions.

Investments, Pharmaceuticals, Finance