Legal & General Group Plc Grows Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Legal & General boosted its stake in Vertex by 3.3% to 1,952,297 shares (worth about $764.6 million), and overall institutional ownership stands at roughly 90.96%, with large positions held by Vanguard and Norges Bank.
• Vertex reported positive interim results from the RAINIER Phase 3 trial for povetacicept and plans an FDA filing by March, a near-term catalyst that drove a post-release rally.
• Wall Street remains broadly bullish with a consensus rating of “Moderate Buy” and an average price target of $542; recent quarterly results showed EPS of $5.03 (slightly below estimates) and revenue of $3.19 billion.

Legal & General Group Plc boosted its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 3.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,952,297 shares of the pharmaceutical company's stock after acquiring an additional 62,520 shares during the quarter. Legal & General Group Plc owned 0.77% of Vertex Pharmaceuticals worth $764,598,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Vertex Pharmaceuticals during the second quarter worth about $1,593,974,000. Assenagon Asset Management S.A. grew its holdings in shares of Vertex Pharmaceuticals by 214.6% in the third quarter. Assenagon Asset Management S.A. now owns 763,703 shares of the pharmaceutical company's stock valued at $299,097,000 after purchasing an additional 520,949 shares in the last quarter. Vanguard Group Inc. increased its stake in Vertex Pharmaceuticals by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 23,973,777 shares of the pharmaceutical company's stock worth $10,673,126,000 after buying an additional 482,616 shares during the period. Alliancebernstein L.P. lifted its holdings in Vertex Pharmaceuticals by 10.7% during the 2nd quarter. Alliancebernstein L.P. now owns 4,378,320 shares of the pharmaceutical company's stock worth $1,949,228,000 after buying an additional 424,808 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in Vertex Pharmaceuticals by 1,373.1% during the 3rd quarter. Nordea Investment Management AB now owns 361,085 shares of the pharmaceutical company's stock worth $140,119,000 after buying an additional 336,573 shares in the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on VRTX. Royal Bank Of Canada cut their price objective on Vertex Pharmaceuticals from $546.00 to $541.00 and set an "outperform" rating on the stock in a research report on Friday, February 13th. Oppenheimer upgraded Vertex Pharmaceuticals from a "market perform" rating to an "outperform" rating and set a $540.00 price target on the stock in a report on Friday, February 13th. UBS Group boosted their price objective on Vertex Pharmaceuticals from $535.00 to $545.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Barclays raised their target price on shares of Vertex Pharmaceuticals from $606.00 to $607.00 and gave the company an "overweight" rating in a report on Tuesday, February 17th. Finally, Weiss Ratings upgraded shares of Vertex Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $542.00.

Vertex Pharmaceuticals Stock Up 0.9%

Shares of NASDAQ VRTX opened at $460.87 on Tuesday. The business has a 50-day moving average price of $467.50 and a 200 day moving average price of $435.79. The stock has a market cap of $117.07 billion, a PE ratio of 30.06 and a beta of 0.31. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 EPS for the quarter, missing the consensus estimate of $5.05 by ($0.02). The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.18 billion. Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.The company's quarterly revenue was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $3.98 EPS. Sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Key Headlines Impacting Vertex Pharmaceuticals

Here are the key news stories impacting Vertex Pharmaceuticals this week:

• Positive Sentiment: RAINIER Phase 3 interim analysis met the primary endpoint and all secondary endpoints at Week 36, with treated patients showing the intended benefit versus placebo — a major validation step for povetacicept in IgA nephropathy. Vertex Announces Positive Week 36 Interim Analysis Results (BusinessWire)
• Positive Sentiment: Management plans an FDA filing for povetacicept by March, accelerating the regulatory timeline and shortening the path to potential commercialization if final data and review go smoothly. Vertex Stock Surges After Positive Kidney Disease Trial Results (Blockonomi)
• Positive Sentiment: Analysts have reiterated and strengthened bullish views — William Blair’s Myles Minter reiterated a Buy and highlighted increased confidence in povetacicept’s commercial potential, supporting upside to consensus models. Analyst Confidence Boosts Buy Thesis (TipRanks)
• Positive Sentiment: Market reaction: shares rallied in extended trading after the release; coverage notes the asset was acquired in a prior multibillion-dollar deal and is viewed as having “best‑in‑class” potential in a competitive kidney disease market. Vertex Kidney Drug Hits Mark in Late-Stage Study (BioPharmaDive)
• Neutral Sentiment: The result cited is an interim analysis of an ongoing trial — final RAINIER readout, full safety dataset, and regulatory review still lie ahead, so approval and peak sales remain subject to execution and FDA assessment. Press Release / Interim Analysis Details (Yahoo Finance)

Insider Activity

In related news, EVP Jonathan Biller sold 945 shares of the firm's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total transaction of $459,600.75. Following the transaction, the executive vice president owned 13,659 shares of the company's stock, valued at $6,643,054.65. This trade represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ourania Tatsis sold 260 shares of the business's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $486.35, for a total value of $126,451.00. Following the completion of the transaction, the executive vice president owned 46,763 shares in the company, valued at $22,743,185.05. This trade represents a 0.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 91,156 shares of company stock worth $42,845,497 over the last 90 days. 0.20% of the stock is owned by corporate insiders.

About Vertex Pharmaceuticals

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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