Mackenzie Financial Corp Sells 9,566 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Mackenzie Financial Corp reduced its stake in Vertex Pharmaceuticals by 21.0%, ending the first quarter with 36,066 shares valued at $17.49 million.
• Despite a 2.6% increase in revenue year-over-year to $2.77 billion, Vertex's quarterly earnings per share missed expectations, posting $4.06 against a consensus of $4.29.
• Vertex's stock is currently rated as a Moderate Buy, with an average target price of $512.30 among analysts, after reassessments by multiple firms.

Mackenzie Financial Corp lowered its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 21.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 36,066 shares of the pharmaceutical company's stock after selling 9,566 shares during the period. Mackenzie Financial Corp's holdings in Vertex Pharmaceuticals were worth $17,486,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of VRTX. Capital World Investors increased its stake in Vertex Pharmaceuticals by 5.7% in the fourth quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after purchasing an additional 1,514,993 shares in the last quarter. Capital Research Global Investors increased its stake in Vertex Pharmaceuticals by 15.8% in the fourth quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock valued at $4,199,713,000 after purchasing an additional 1,426,746 shares in the last quarter. Jennison Associates LLC increased its stake in Vertex Pharmaceuticals by 17.2% in the first quarter. Jennison Associates LLC now owns 5,062,442 shares of the pharmaceutical company's stock valued at $2,454,373,000 after purchasing an additional 744,680 shares in the last quarter. Edgewood Management LLC increased its stake in Vertex Pharmaceuticals by 91.2% in the fourth quarter. Edgewood Management LLC now owns 2,956,608 shares of the pharmaceutical company's stock valued at $1,190,626,000 after purchasing an additional 1,410,238 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Vertex Pharmaceuticals by 12.6% in the fourth quarter. Janus Henderson Group PLC now owns 2,833,889 shares of the pharmaceutical company's stock valued at $1,141,277,000 after purchasing an additional 317,058 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 1.2%

Vertex Pharmaceuticals stock traded up $5.26 during midday trading on Friday, hitting $462.13. 1,855,148 shares of the stock were exchanged, compared to its average volume of 1,041,408. Vertex Pharmaceuticals Incorporated has a 52-week low of $377.85 and a 52-week high of $519.88. The stock has a market capitalization of $118.67 billion, a price-to-earnings ratio of -117.89 and a beta of 0.44. The business's 50-day moving average price is $455.62 and its 200-day moving average price is $466.46. The company has a quick ratio of 2.29, a current ratio of 2.65 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share for the quarter, missing analysts' consensus estimates of $4.29 by ($0.23). The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.85 billion. Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The firm's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.76 earnings per share. On average, research analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on VRTX. Leerink Partnrs downgraded shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Morgan Stanley reduced their price objective on shares of Vertex Pharmaceuticals from $464.00 to $460.00 and set an "equal weight" rating for the company in a report on Friday, June 20th. Wolfe Research cut shares of Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a report on Wednesday, May 7th. Finally, Leerink Partners reiterated a "market perform" rating and set a $503.00 price objective (down from $550.00) on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $512.30.

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.