Vertex Pharmaceuticals Incorporated (VRTX): Hal Mintz, David Shaw, and Phill Gross Are Big Winners

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is up more than 42% after reporting successful results of its cystic fibrosis treatment. Tech Insider yesterday published an article about a CNBC report and pointed out the potential large gains in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX). Here is an excerpt from that article:

The first drug to treat this disease is kalydeco which restores the ability of the protein to let chloride pass through cells. However, only 2,000 people with cystic fibrosis can be treated by kalydeco based on their particular gene mutations. Another problem posed by the disease is that the proteins cannot even reach the membrane. This is where Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) comes in with a new drug called lumacaftor which will aid in this particular problem. After this problem is eliminated, drugs such as kalydeco are expected to work. It is estimated that up to 28,000 patients can be helped by this combination.

Tirrell pointed out that this expanded market means bigger business for Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX). Positive data regarding this combination of drugs to treat cystic fibrosis will drive the stock, she added. Currently trading at about $67, analysts say that positive data will likely drive the stock over $100 while negative data will likely plunge it into the $40s.

David E. Shaw Vertex Pharmaceutical

Even though several hedge funds had large positions in Vertex, the stock isn’t one of the popular biotech stocks. There were only 26 hedge funds (out of the 650 that we are tracking) with bullish VRTX positions at the end of the first quarter. Hal Mintz’s Sabby Capital was the biggest hedge fund winner of the day. The fund held call options, which may subsequently converted into stock positions, worth nearly $170 million. David Shaw’s D. E. Shaw boosted its stake by 163% during the first quarter and held $134 million worth of common shares. Their one day gain is around $50 million assuming that they haven’t reduced their position in the stock. Phill Gross’ Adage Capital had $117 million in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) at the end of the first quarter. Other notable investors in the stock are Israel Englander, Joseph Edelman, and Steven Cohen.
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