Koa Wealth Management LLC Acquires New Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Koa Wealth Management LLC has made a new investment in Vertex Pharmaceuticals, purchasing 2,072 shares valued at approximately $1,005,000 during the 1st quarter.
• Vertex Pharmaceuticals' recent quarterly earnings were strong, with an earnings per share (EPS) of $4.52, surpassing estimates, and a revenue increase of 11.3% compared to the previous year.
• Several equity research analysts have provided mixed ratings for Vertex Pharmaceuticals, with price targets ranging from $411.00 to $553.00, indicating a general consensus rating of "Moderate Buy."

Koa Wealth Management LLC purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,072 shares of the pharmaceutical company's stock, valued at approximately $1,005,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Frank Rimerman Advisors LLC boosted its holdings in Vertex Pharmaceuticals by 8.5% in the 1st quarter. Frank Rimerman Advisors LLC now owns 3,550 shares of the pharmaceutical company's stock worth $1,721,000 after acquiring an additional 278 shares during the period. Koss Olinger Consulting LLC purchased a new position in shares of Vertex Pharmaceuticals during the 1st quarter valued at approximately $484,000. Zions Bancorporation National Association UT purchased a new position in shares of Vertex Pharmaceuticals during the 1st quarter valued at approximately $200,000. Townsquare Capital LLC boosted its stake in shares of Vertex Pharmaceuticals by 34.2% during the 1st quarter. Townsquare Capital LLC now owns 22,986 shares of the pharmaceutical company's stock valued at $11,144,000 after buying an additional 5,859 shares during the last quarter. Finally, Founders Financial Alliance LLC purchased a new position in shares of Vertex Pharmaceuticals during the 1st quarter valued at approximately $421,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Insiders Place Their Bets

In related news, Director Bruce I. Sachs purchased 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was acquired at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following 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 legal filing with the SEC, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on VRTX. Scotiabank reduced their target price on Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 5th. Wells Fargo & Company upgraded Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 target price for the company in a research note on Wednesday, August 6th. Leerink Partnrs cut Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Needham & Company LLC reiterated a "hold" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Finally, BMO Capital Markets set a $530.00 price target on Vertex Pharmaceuticals and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Thirteen analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $497.10.

Vertex Pharmaceuticals Price Performance

Shares of VRTX traded up $7.92 during trading hours on Monday, reaching $374.46. 2,792,620 shares of the company's stock traded hands, compared to its average volume of 2,128,999. The firm has a market capitalization of $96.01 billion, a price-to-earnings ratio of 26.77 and a beta of 0.44. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $519.88. The business's fifty day simple moving average is $450.77 and its two-hundred day simple moving average is $465.95.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, beating analysts' consensus estimates 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 last year, the company earned ($12.83) earnings per share. The company's quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current 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.