Mirae Asset Global Investments Co. Ltd. Makes New $116.63 Million Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Mirae Asset Global Investments purchased 223,081 Vertex Pharmaceuticals shares worth approximately $116.63 million in the third quarter, giving it about a 0.09% stake. Institutional investors collectively own 90.96% of Vertex.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, while earnings per share of $4.73 narrowly missed estimates. Analysts expect $16.74 in full-year EPS.
• Shares opened at $558.88, up 3.5%, near the 12-month high of $563.80. Analysts maintain a “Moderate Buy” consensus with an average price target of $579.81.

Mirae Asset Global Investments Co. Ltd. purchased a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 223,081 shares of the pharmaceutical company's stock, valued at approximately $116,629,000. Mirae Asset Global Investments Co. Ltd. owned about 0.09% of Vertex Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bangor Savings Bank raised its position in shares of Vertex Pharmaceuticals by 0.4% during the second quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company's stock valued at $2,220,000 after buying an additional 20 shares during the last quarter. Trust Point Inc. lifted its stake in shares of Vertex Pharmaceuticals by 2.7% in the second quarter. Trust Point Inc. now owns 793 shares of the pharmaceutical company's stock valued at $394,000 after buying an additional 21 shares during the period. Integrated Advisors Network LLC grew its position in Vertex Pharmaceuticals by 1.4% during the third quarter. Integrated Advisors Network LLC now owns 1,625 shares of the pharmaceutical company's stock worth $850,000 after buying an additional 22 shares in the last quarter. Glenview Trust Co grew its position in Vertex Pharmaceuticals by 0.3% during the third quarter. Glenview Trust Co now owns 6,773 shares of the pharmaceutical company's stock worth $3,541,000 after buying an additional 22 shares in the last quarter. Finally, Cannell & Spears LLC grew its position in Vertex Pharmaceuticals by 1.2% during the first quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company's stock worth $885,000 after buying an additional 23 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 3.5%

NASDAQ VRTX opened at $558.88 on Friday. Vertex Pharmaceuticals Incorporated has a twelve month low of $403.16 and a twelve month high of $563.80. The stock has a market cap of $141.84 billion, a P/E ratio of 32.53, a PEG ratio of 2.68 and a beta of 0.28. The company's 50-day simple moving average is $523.21 and its 200 day simple moving average is $479.47.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%. The firm's revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.52 EPS. Research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on VRTX shares. Barclays boosted their price target on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. initiated coverage on Vertex Pharmaceuticals in a research report on Friday, September 11th. They issued an "overweight" rating and a $560.00 price objective for the company. Truist Financial lifted their price objective on Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Morgan Stanley started coverage on Vertex Pharmaceuticals in a report on Tuesday, September 1st. They set an "overweight" rating and a $665.00 price objective on the stock. Finally, Royal Bank Of Canada boosted their price objective on Vertex Pharmaceuticals from $570.00 to $576.00 and gave the company an "outperform" rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Vertex Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $579.81.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated is a global biotechnology company focused on developing and commercializing medicines for serious diseases. Founded in 1989 and headquartered in Boston, Massachusetts, the company applies expertise in the science of human disease to discover therapies that address significant unmet medical needs.

Vertex is best known for its cystic fibrosis portfolio, which includes Kalydeco, Orkambi, Symdeko/Symkevi, and Trikafta/Kaftrio. These medicines target the underlying cause of cystic fibrosis for patients with specific mutations in the CFTR gene.

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