Northwestern Mutual Wealth Management Co. Buys Shares of 9,613 Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Northwestern Mutual Wealth Management purchased 9,613 Vertex Pharmaceuticals shares worth approximately $4.8 million. Institutional investors collectively own 90.96% of VRTX.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $563.50; several firms recently raised their targets.
• Vertex reported quarterly revenue of $3.33 billion, exceeding estimates, while EPS of $4.73 narrowly missed expectations. The stock opened at $548.05, near its 52-week high, amid recent insider sales conducted under pre-arranged trading plans.

Northwestern Mutual Wealth Management Co. bought a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 9,613 shares of the pharmaceutical company's stock, valued at approximately $4,775,000.

Several other hedge funds have also recently modified their holdings of VRTX. BlackRock Inc. purchased a new position in Vertex Pharmaceuticals in the 2nd quarter worth about $11,975,849,000. Capital Research Global Investors lifted its stake in Vertex Pharmaceuticals by 4.6% during the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company's stock valued at $7,850,544,000 after acquiring an additional 763,063 shares during the period. State Street Corp boosted its holdings in shares of Vertex Pharmaceuticals by 0.7% during the 4th quarter. State Street Corp now owns 11,689,539 shares of the pharmaceutical company's stock valued at $5,299,569,000 after acquiring an additional 83,539 shares during the last quarter. Capital International Investors boosted its holdings in shares of Vertex Pharmaceuticals by 0.9% during the 4th quarter. Capital International Investors now owns 4,733,596 shares of the pharmaceutical company's stock valued at $2,146,041,000 after acquiring an additional 44,537 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Vertex Pharmaceuticals by 49.4% in the fourth quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company's stock worth $1,521,851,000 after acquiring an additional 1,109,200 shares during the period. Hedge funds and other institutional investors own 90.96% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on VRTX shares. Cantor Fitzgerald boosted their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Sanford C. Bernstein upgraded shares of Vertex Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, July 29th. Royal Bank Of Canada lifted their target price on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 7th. Wall Street Zen cut Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. Finally, Morgan Stanley raised their price target on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $563.50.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, CMO Carmen Bozic sold 4,062 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $450.00, for a total value of $1,827,900.00. Following the completion of the transaction, the chief marketing officer owned 16,953 shares of the company's stock, valued at approximately $7,628,850. This represents a 19.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan Mckechnie sold 1,541 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $519.00, for a total value of $799,779.00. Following the sale, the executive vice president directly owned 11,001 shares in the company, valued at approximately $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 10,464 shares of company stock valued at $4,959,397 over the last 90 days. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $548.05 on Monday. Vertex Pharmaceuticals Incorporated has a 52 week low of $374.17 and a 52 week high of $555.32. The company has a market capitalization of $139.10 billion, a P/E ratio of 31.90, a price-to-earnings-growth ratio of 2.27 and a beta of 0.30. The stock's 50-day moving average price is $492.65 and its 200-day moving average price is $465.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The company had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.23 billion. Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The company's revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted $4.52 earnings per share. Research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current year.

Vertex Pharmaceuticals Profile

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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