Charles Schwab Investment Management Inc. Buys 61,432 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Vertex Pharmaceuticals by 3.7%, acquiring an additional 61,432 shares, bringing its total to approximately $836.5 million worth of the company's stock.
• Insider activity includes Director Bruce I. Sachs purchasing 5,000 shares at $389.68 each, increasing his ownership by 12.5% to a total of 45,000 shares.
• Vertex Pharmaceuticals received mixed analyst ratings, with Wells Fargo upgrading it to "overweight" and a price target of $460, while other firms adjusted their targets lower, leading to a consensus rating of "Moderate Buy".

Charles Schwab Investment Management Inc. boosted its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 3.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,725,281 shares of the pharmaceutical company's stock after acquiring an additional 61,432 shares during the period. Charles Schwab Investment Management Inc. owned 0.67% of Vertex Pharmaceuticals worth $836,451,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in VRTX. Aries Wealth Management bought a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at about $293,000. Polar Asset Management Partners Inc. bought a new stake in Vertex Pharmaceuticals during the 4th quarter worth approximately $22,954,000. GAMMA Investing LLC lifted its stake in Vertex Pharmaceuticals by 25.1% in the 1st quarter. GAMMA Investing LLC now owns 5,002 shares of the pharmaceutical company's stock worth $2,425,000 after purchasing an additional 1,005 shares in the last quarter. Brighton Jones LLC boosted its holdings in Vertex Pharmaceuticals by 45.0% in the 1st quarter. Brighton Jones LLC now owns 6,421 shares of the pharmaceutical company's stock valued at $3,113,000 after purchasing an additional 1,994 shares during the period. Finally, Stanley Laman Group Ltd. bought a new position in Vertex Pharmaceuticals in the 1st quarter valued at $486,000. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX traded up $8.75 during mid-day trading on Tuesday, hitting $383.21. 739,787 shares of the stock traded hands, compared to its average volume of 1,641,423. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $519.88. The company has a market cap of $98.25 billion, a price-to-earnings ratio of 27.34 and a beta of 0.44. The stock has a fifty day moving average price of $449.35 and a 200-day moving average price of $465.50.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.28. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.90 billion. During the same period in the previous year, the company posted ($12.83) earnings per share. The firm's revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Bruce I. Sachs purchased 5,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the transaction, the director directly owned 45,000 shares of the company's stock, valued at $17,535,600. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

VRTX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Vertex Pharmaceuticals from $515.00 to $517.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Morgan Stanley set a $439.00 price target on shares of Vertex Pharmaceuticals and gave the company an "equal weight" rating in a research report on Tuesday, August 5th. William Blair restated an "outperform" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Wells Fargo & Company raised Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price target on the stock in a research note on Wednesday, August 6th. Finally, Leerink Partners restated a "market perform" rating and issued a $503.00 price objective (down previously from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Thirteen equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $497.10.

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.