2,800 Vertex Pharmaceuticals Incorporated $VRTX Shares Purchased by Summit Global Investments

Key Points

• Summit Global Investments increased its Vertex Pharmaceuticals stake by 39% in the third quarter, purchasing 2,800 shares and bringing its holdings to 9,982 shares valued at approximately $5.22 million.
• Institutional investors own 90.96% of Vertex’s outstanding stock, with major holders including BlackRock, State Street, Wellington Management, UBS Asset Management, and Bank of America.
• Vertex shares rose 3.5% to $558.88, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $579.81. Quarterly revenue increased 12.5% year over year to $3.33 billion, although earnings per share narrowly missed estimates.

Summit Global Investments grew its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 39.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,982 shares of the pharmaceutical company's stock after acquiring an additional 2,800 shares during the period. Summit Global Investments' holdings in Vertex Pharmaceuticals were worth $5,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Vertex Pharmaceuticals during the second quarter valued at $11,975,849,000. State Street Corp increased its position in Vertex Pharmaceuticals by 1.2% in the second quarter. State Street Corp now owns 11,871,459 shares of the pharmaceutical company's stock worth $5,896,910,000 after buying an additional 141,320 shares in the last quarter. Wellington Management Group LLP increased its position in Vertex Pharmaceuticals by 1.1% in the second quarter. Wellington Management Group LLP now owns 3,247,658 shares of the pharmaceutical company's stock worth $1,613,209,000 after buying an additional 35,069 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Vertex Pharmaceuticals by 1.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,086,683 shares of the pharmaceutical company's stock worth $1,533,248,000 after buying an additional 29,287 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Vertex Pharmaceuticals in the second quarter worth about $1,509,651,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Up 3.5%

NASDAQ:VRTX opened at $558.88 on Friday. The business's 50-day simple moving average is $523.21 and its two-hundred day simple moving average is $479.47. The stock has a market cap of $141.84 billion, a PE ratio of 32.53, a P/E/G ratio of 2.68 and a beta of 0.28. Vertex Pharmaceuticals Incorporated has a 52 week low of $403.16 and a 52 week high of $563.80.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%. During the same period last year, the company earned $4.52 EPS. The business's revenue was up 12.5% on a year-over-year basis. Sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on VRTX shares. Jefferies Financial Group lifted their price objective on Vertex Pharmaceuticals from $633.00 to $640.00 and gave the company a "buy" rating in a research report on Wednesday, September 23rd. Stifel Nicolaus set a $500.00 target price on shares of Vertex Pharmaceuticals and gave the stock a "hold" rating in a report on Tuesday, August 4th. TD Cowen raised their target price on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the stock a "buy" rating in a research note on Wednesday, September 23rd. Barclays lifted their price target on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $579.81.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company applies expertise in the science of human disease to discover therapies that address significant unmet medical needs.

Vertex is best known for its cystic fibrosis portfolio, which includes Kalydeco, Orkambi, Symdeko/Symkevi, and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis for patients with specific mutations in the CFTR gene.

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