California State Teachers Retirement System Buys 190,118,003 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• California State Teachers Retirement System increased its Vertex Pharmaceuticals stake by 50,904.3% in the second quarter, acquiring 190.1 million additional shares and ending with a 75.06% ownership stake valued at approximately $94.6 billion.
• Institutional ownership stands at 90.96%, while insiders sold 8,719 shares worth $4.17 million over the past 90 days under pre-arranged trading plans.
• Analysts remain broadly bullish, with the stock rated “Moderate Buy” and an average price target of $569.52. Vertex reported $3.33 billion in quarterly revenue, up 12.5% year over year, though EPS of $4.73 narrowly missed estimates.

California State Teachers Retirement System lifted its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 50,904.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 190,491,484 shares of the pharmaceutical company's stock after buying an additional 190,118,003 shares during the period. California State Teachers Retirement System owned about 75.06% of Vertex Pharmaceuticals worth $94,622,835,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth about $11,975,849,000. Norges Bank bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $1,440,149,000. Bank of America Corp DE bought a new position in Vertex Pharmaceuticals during the 2nd quarter valued at about $1,509,651,000. Legal & General Group Plc acquired a new position in Vertex Pharmaceuticals in the second quarter valued at about $928,893,000. Finally, Bank of New York Mellon Corp acquired a new position in Vertex Pharmaceuticals in the second quarter valued at about $830,842,000. Institutional investors own 90.96% of the company's stock.

Insider Transactions at Vertex Pharmaceuticals

In related news, EVP Ourania Tatsis sold 1,500 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total transaction of $787,485.00. Following the transaction, the executive vice president owned 45,321 shares of the company's stock, valued at $23,793,071.79. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of the business's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the transaction, the chief marketing officer owned 16,953 shares of the company's stock, valued at approximately $7,628,850. This represents a 19.33% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 8,719 shares of company stock worth $4,174,147. 0.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Stifel Nicolaus set a $500.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, August 4th. UBS Group boosted their target price on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a report on Monday, July 13th. Cantor Fitzgerald increased their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. TD Cowen raised their price target on Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Finally, Morgan Stanley initiated coverage on Vertex Pharmaceuticals in a research report on Tuesday, September 1st. They issued an "overweight" rating and a $665.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $569.52.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $546.12 on Monday. The firm has a fifty day moving average of $509.50 and a two-hundred day moving average of $471.33. The stock has a market capitalization of $138.61 billion, a price-to-earnings ratio of 31.79, a PEG ratio of 2.37 and a beta of 0.32. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $560.25.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.74 by ($0.01). The company 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%.The firm's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.52 earnings per share. As a group, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.88 EPS for the current fiscal year.

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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