BlackRock Inc. Invests $11.98 Billion in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• BlackRock acquired 24.1 million Vertex Pharmaceuticals shares worth approximately $11.98 billion, giving it a 9.5% stake. Institutional investors collectively own 90.96% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $563.50; individual targets range as high as $616.
• Vertex shares opened at $515.55 after rising 1.9%. The company reported quarterly revenue of $3.33 billion, up 12.5% year over year, though earnings of $4.73 per share narrowly missed estimates.

BlackRock Inc. acquired a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 24,109,373 shares of the pharmaceutical company's stock, valued at approximately $11,975,849,000. BlackRock Inc. owned about 9.50% of Vertex Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in VRTX. Community Financial Services Group LLC purchased a new position in shares of Vertex Pharmaceuticals in the 2nd quarter valued at approximately $26,000. Motiv8 Investments LLC purchased a new stake in Vertex Pharmaceuticals during the 4th quarter worth approximately $26,000. Elevation Wealth Partners LLC increased its stake in Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after purchasing an additional 28 shares in the last quarter. Swiss RE Ltd. acquired a new position in Vertex Pharmaceuticals during the 4th quarter valued at approximately $28,000. Finally, IMG Wealth Management Inc. raised its holdings in shares of Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock worth $31,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Stifel Nicolaus set a $500.00 target price on Vertex Pharmaceuticals in a research report on Tuesday, August 4th. Canaccord Genuity Group lifted their price target on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a research report on Tuesday, August 4th. Truist Financial boosted their price target on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, Morgan Stanley raised their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $563.50.

Vertex Pharmaceuticals Stock Up 1.9%

Vertex Pharmaceuticals stock opened at $515.55 on Tuesday. The business's 50-day moving average price is $484.71 and its 200 day moving average price is $463.96. The firm has a market cap of $130.85 billion, a price-to-earnings ratio of 30.01, a price-to-earnings-growth ratio of 2.09 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $546.17.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The company had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The company's revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.52 earnings per share. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 596 shares of Vertex Pharmaceuticals stock in a transaction on Friday, June 26th. The shares were sold at an average price of $482.50, for a total value of $287,570.00. Following the completion of the transaction, the chief marketing officer owned 15,337 shares of the company's stock, valued at approximately $7,400,102.50. The trade was a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president owned 11,001 shares of the company's stock, valued at approximately $5,709,519. This trade represents a 12.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 10,464 shares of company stock valued at $4,959,397. Corporate insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex's marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.

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