Alberta Investment Management Corp Acquires New Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Alberta Investment Management Corp has acquired 12,686 shares of Vertex Pharmaceuticals valued at approximately $6.15 million during the first quarter.
• Several institutional investors have significantly increased their positions in Vertex, with GAMMA Investing LLC raising its holdings by 60,572.3% in the first quarter.
• Despite recent analyst ratings being mixed, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" with a price target of $512.30.

Alberta Investment Management Corp bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 12,686 shares of the pharmaceutical company's stock, valued at approximately $6,150,000.

Several other institutional investors and hedge funds also recently bought and sold shares of VRTX. GAMMA Investing LLC lifted its holdings in Vertex Pharmaceuticals by 60,572.3% in the first quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company's stock valued at $1,175,722,000 after acquiring an additional 2,421,073 shares during the last quarter. Capital World Investors lifted its stake in shares of Vertex Pharmaceuticals by 5.7% in the 4th quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after purchasing an additional 1,514,993 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Vertex Pharmaceuticals by 15.8% during the 4th quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock worth $4,199,713,000 after purchasing an additional 1,426,746 shares during the period. Edgewood Management LLC grew its holdings in shares of Vertex Pharmaceuticals by 91.2% during the 4th quarter. Edgewood Management LLC now owns 2,956,608 shares of the pharmaceutical company's stock worth $1,190,626,000 after purchasing an additional 1,410,238 shares during the period. Finally, Jennison Associates LLC increased its position in shares of Vertex Pharmaceuticals by 17.2% during the 1st quarter. Jennison Associates LLC now owns 5,062,442 shares of the pharmaceutical company's stock worth $2,454,373,000 after purchasing an additional 744,680 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VRTX has been the topic of a number of recent analyst reports. Erste Group Bank cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 23rd. Cantor Fitzgerald restated an "overweight" rating and issued a $535.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Morgan Stanley lowered their price objective on shares of Vertex Pharmaceuticals from $464.00 to $460.00 and set an "equal weight" rating for the company in a research report on Friday, June 20th. Leerink Partners reissued a "market perform" rating and issued a $503.00 target price (down previously from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Finally, Leerink Partnrs cut Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $512.30.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $462.13 on Friday. The company has a market cap of $118.67 billion, a P/E ratio of -117.89 and a beta of 0.44. The firm has a fifty day moving average price of $455.62 and a 200 day moving average price of $466.46. The company has a current ratio of 2.65, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 12 month low of $377.85 and a 12 month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.29 by ($0.23). The business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.85 billion. Vertex Pharmaceuticals had a negative return on equity of 3.36% and a negative net margin of 8.91%. The firm's quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $4.76 earnings per share. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

About Vertex Pharmaceuticals

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.

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