Element Capital Management LLC Makes New Investment in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Element Capital Management has acquired a new position in Vertex Pharmaceuticals, purchasing 5,448 shares valued at approximately $2.64 million.
• Institutional investors now hold 90.96% of Vertex Pharmaceuticals' stock, with significant increases in holdings from various funds including GAMMA Investing LLC and Capital World Investors.
• Analysts have mixed ratings for Vertex Pharmaceuticals, with 13 hold ratings and 13 buy ratings, noting a target price range from $485 to $497.10.

Element Capital Management LLC 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 Form 13F filing with the SEC. The fund bought 5,448 shares of the pharmaceutical company's stock, valued at approximately $2,641,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Vertex Pharmaceuticals by 60,572.3% during the 1st quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company's stock worth $1,175,722,000 after purchasing an additional 2,421,073 shares during the period. Capital World Investors increased its holdings in shares of Vertex Pharmaceuticals by 5.7% during the 4th 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 during the period. Capital Research Global Investors increased 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. Nuveen LLC bought a new position in shares of Vertex Pharmaceuticals during the 1st quarter worth about $484,053,000. Finally, Jennison Associates LLC increased its holdings 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 period. Institutional investors and hedge funds own 90.96% of the company's stock.

Insider Activity

In related news, Director Bruce I. Sachs bought 5,000 shares of Vertex Pharmaceuticals stock in a transaction dated 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 owned 45,000 shares of the company's stock, valued at approximately $17,535,600. This trade represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

VRTX has been the topic of several research reports. The Goldman Sachs Group restated a "buy" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Cantor Fitzgerald lowered their target price on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 5th. Wall Street Zen raised shares of Vertex Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Truist Financial set a $490.00 target price on shares of Vertex Pharmaceuticals and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Vertex Pharmaceuticals in a research note 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $497.10.

Vertex Pharmaceuticals Trading Up 0.6%

Shares of VRTX stock opened at $392.79 on Friday. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $519.88. The firm's 50 day moving average is $444.95 and its 200-day moving average is $463.78. The firm has a market capitalization of $100.71 billion, a price-to-earnings ratio of 28.08 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. 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 prior year, the business earned ($12.83) earnings per share. Vertex Pharmaceuticals's quarterly revenue was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Vertex Pharmaceuticals 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.

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