Costello Asset Management INC Invests $322,000 in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Costello Asset Management INC has acquired 665 shares of Vertex Pharmaceuticals valued at approximately $322,000 in the first quarter, contributing to the growing institutional interest as 90.96% of the stock is owned by institutional investors.
• Vertex's stock opened at $472.27 with a market capitalization of $121.28 billion and solid revenue growth of 11.3% year over year, reporting $2.94 billion in revenue for the most recent quarter.
• Analysts have varied opinions on Vertex's stock performance, with ratings ranging from "buy" to "hold," and a consensus target price of $509.89, indicating moderate confidence in its future prospects.

Costello Asset Management INC bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 665 shares of the pharmaceutical company's stock, valued at approximately $322,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital World Investors increased its position in shares of Vertex Pharmaceuticals by 5.7% during the fourth quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock worth $11,406,667,000 after purchasing an additional 1,514,993 shares in the last quarter. Capital Research Global Investors increased its position in Vertex Pharmaceuticals by 15.8% during the fourth quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock worth $4,199,713,000 after buying an additional 1,426,746 shares during the period. Jennison Associates LLC increased its holdings in shares of Vertex Pharmaceuticals by 17.2% in the 1st quarter. Jennison Associates LLC now owns 5,062,442 shares of the pharmaceutical company's stock valued at $2,454,373,000 after acquiring an additional 744,680 shares during the period. Janus Henderson Group PLC grew its position in Vertex Pharmaceuticals by 12.6% during the 4th quarter. Janus Henderson Group PLC now owns 2,833,889 shares of the pharmaceutical company's stock worth $1,141,277,000 after purchasing an additional 317,058 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Vertex Pharmaceuticals by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,721,049 shares of the pharmaceutical company's stock valued at $1,095,766,000 after purchasing an additional 355,057 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on VRTX shares. The Goldman Sachs Group restated a "buy" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Stifel Nicolaus decreased their price target on Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a research note on Tuesday. UBS Group set a $553.00 price objective on Vertex Pharmaceuticals and gave the stock a "buy" rating in a research report on Tuesday. HC Wainwright reduced their target price on Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating for the company in a report on Tuesday. Finally, William Blair reiterated an "outperform" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Thirteen research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $497.10.

Vertex Pharmaceuticals Stock Down 2.6%

Shares of VRTX traded down $10.02 during mid-day trading on Thursday, hitting $375.63. The company had a trading volume of 3,980,060 shares, compared to its average volume of 1,836,488. Vertex Pharmaceuticals Incorporated has a 1-year low of $372.35 and a 1-year high of $519.88. The business's 50-day simple moving average is $452.30 and its 200-day simple moving average is $465.93. The stock has a market cap of $96.46 billion, a PE ratio of 26.85 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.28. The company had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.90 billion. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The business's quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($12.83) EPS. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Insider Activity

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs acquired 5,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was bought at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the purchase, the director directly owned 45,000 shares in the company, valued at $17,535,600. This represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.