Fred Alger Management LLC Has $6.46 Million Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Fred Alger Management LLC increased its stake in Vertex Pharmaceuticals by 153.2% during the first quarter, acquiring an additional 8,062 shares, bringing its total holdings to 13,324 shares valued at approximately $6.46 million.
• Insider trading was noted as Director Bruce I. Sachs purchased 5,000 shares at an average price of $389.68 per share, which increased his ownership by 12.5% to a total of 45,000 shares.
• Vertex Pharmaceuticals reported earnings of $4.52 per share for the last quarter, exceeding analysts' expectations, with a year-over-year revenue increase of 11.3%.

Fred Alger Management LLC increased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 153.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,324 shares of the pharmaceutical company's stock after acquiring an additional 8,062 shares during the period. Fred Alger Management LLC's holdings in Vertex Pharmaceuticals were worth $6,460,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Activest Wealth Management purchased a new position in shares of Vertex Pharmaceuticals during the 1st quarter worth $25,000. Clal Insurance Enterprises Holdings Ltd boosted its position in shares of Vertex Pharmaceuticals by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock worth $27,000 after buying an additional 45 shares during the period. Mascagni Wealth Management Inc. acquired a new stake in Vertex Pharmaceuticals in the fourth quarter worth approximately $31,000. SJS Investment Consulting Inc. lifted its position in Vertex Pharmaceuticals by 46.2% in the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock worth $46,000 after purchasing an additional 30 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Vertex Pharmaceuticals in the first quarter valued at $46,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Analysts Set New Price Targets

VRTX has been the topic of several research analyst reports. Wells Fargo & Company upgraded shares of Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price target on the stock in a report on Wednesday, August 6th. Canaccord Genuity Group decreased their price objective on shares of Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Erste Group Bank cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Friday, May 23rd. BMO Capital Markets set a $530.00 target price on shares of Vertex Pharmaceuticals and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Finally, Wall Street Zen cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $496.05.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Director Bruce I. Sachs purchased 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, with a total value of $1,948,400.00. Following the completion of the transaction, the director directly owned 45,000 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Stock Up 2.3%

VRTX stock traded up $8.82 during midday trading on Thursday, reaching $397.37. The company's stock had a trading volume of 1,329,815 shares, compared to its average volume of 1,405,562. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $519.88. The stock has a market cap of $101.88 billion, a PE ratio of 28.40 and a beta of 0.44. The business's 50-day simple moving average is $425.01 and its 200-day simple moving average is $454.73.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same period last year, the firm earned ($12.83) earnings per share. The business's revenue for the quarter was up 11.3% on a year-over-year basis. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, equities analysts forecast 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.