Mitsubishi UFJ Asset Management Co. Ltd. Acquires 50,976 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Vertex Pharmaceuticals by 11.6% in Q1, holding 489,067 shares valued at approximately $237.11 million.
• Vertex Pharmaceuticals reported $4.52 earnings per share for the last quarter, surpassing analysts' expectations and reflecting an 11.3% year-over-year revenue growth to $2.94 billion.
• Thirteen analysts have given Vertex Pharmaceuticals a hold rating, while fourteen provided a buy rating, resulting in a consensus rating of "Moderate Buy" with an average price target of $497.10.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 489,067 shares of the pharmaceutical company's stock after purchasing an additional 50,976 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of Vertex Pharmaceuticals worth $237,109,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Blue Barn Wealth LLC purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter valued at $209,000. Altfest L J & Co. Inc. lifted its holdings in shares of Vertex Pharmaceuticals by 145.3% in the first quarter. Altfest L J & Co. Inc. now owns 1,646 shares of the pharmaceutical company's stock valued at $798,000 after purchasing an additional 975 shares in the last quarter. Foster Dykema Cabot & Partners LLC lifted its holdings in shares of Vertex Pharmaceuticals by 1.0% in the first quarter. Foster Dykema Cabot & Partners LLC now owns 61,455 shares of the pharmaceutical company's stock valued at $29,795,000 after purchasing an additional 591 shares in the last quarter. Chicago Partners Investment Group LLC lifted its holdings in shares of Vertex Pharmaceuticals by 17.5% in the first quarter. Chicago Partners Investment Group LLC now owns 948 shares of the pharmaceutical company's stock valued at $460,000 after purchasing an additional 141 shares in the last quarter. Finally, Commonwealth Financial Services LLC acquired a new position in shares of Vertex Pharmaceuticals in the first quarter worth $226,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Down 2.4%

VRTX stock traded down $9.09 during mid-day trading on Friday, reaching $366.54. 3,679,339 shares of the stock traded hands, compared to its average volume of 1,989,627. Vertex Pharmaceuticals Incorporated has a 52 week low of $364.66 and a 52 week high of $519.88. The business has a 50-day moving average of $450.77 and a two-hundred day moving average of $465.51. The firm has a market capitalization of $93.98 billion, a PE ratio of 26.20 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results 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 company had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.90 billion. During the same period in the prior year, the company earned ($12.83) earnings per share. The business's quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs bought 5,000 shares of Vertex Pharmaceuticals 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 completion of the purchase, the director owned 45,000 shares in the company, valued at approximately $17,535,600. This represents a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

VRTX has been the topic of a number of research reports. Guggenheim dropped their price target on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating on the stock in a research note on Wednesday. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Truist Financial set a $490.00 price target on shares of Vertex Pharmaceuticals and gave the stock a "buy" rating in a research note on Tuesday. Cantor Fitzgerald dropped their price target on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Stifel Nicolaus set a $455.00 price target on shares of Vertex Pharmaceuticals and gave the stock a "hold" rating in a research note on Tuesday. Thirteen research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $497.10.

Vertex Pharmaceuticals Profile

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.