OMERS ADMINISTRATION Corp Takes Position in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• OMERS Administration Corp. acquired a new VRTX position, buying 21,073 shares valued at approximately $10.5 million. Institutional investors collectively own 90.96% of Vertex Pharmaceuticals.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year, although adjusted EPS of $4.73 narrowly missed analyst expectations of $4.74.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $563.50, compared with the stock’s reported price of $547.59.

OMERS ADMINISTRATION Corp bought a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 21,073 shares of the pharmaceutical company's stock, valued at approximately $10,468,000.

A number of other institutional investors have also bought and sold shares of VRTX. Bangor Savings Bank increased its stake in Vertex Pharmaceuticals by 0.4% in the 2nd quarter. Bangor Savings Bank now owns 4,470 shares of the pharmaceutical company's stock worth $2,220,000 after acquiring an additional 20 shares during the last quarter. Trust Point Inc. grew its holdings 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 worth $394,000 after purchasing an additional 21 shares during the last quarter. Williams Jones Wealth Management LLC. grew its stake in Vertex Pharmaceuticals by 1.9% in the 4th quarter. Williams Jones Wealth Management LLC. now owns 1,155 shares of the pharmaceutical company's stock worth $524,000 after acquiring an additional 21 shares in the last quarter. Cannell & Spears LLC increased its holdings in Vertex Pharmaceuticals by 1.2% during the 1st quarter. Cannell & Spears LLC now owns 1,983 shares of the pharmaceutical company's stock worth $885,000 after purchasing an additional 23 shares during the period. Finally, Glenview Trust Co increased its position in Vertex Pharmaceuticals by 0.3% during the 4th quarter. Glenview Trust Co now owns 7,005 shares of the pharmaceutical company's stock valued at $3,176,000 after purchasing an additional 24 shares during the period. Hedge funds and other institutional investors own 90.96% of the company's stock.

Insider Activity

In other news, EVP Ourania Tatsis sold 1,500 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the sale, the executive vice president directly owned 45,321 shares of the company's stock, valued at $23,793,071.79. The trade was a 3.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of the 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 directly owned 16,953 shares of the company's stock, valued at approximately $7,628,850. This represents a 19.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 10,464 shares of company stock worth $4,959,397 over the last quarter. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Trading Down 0.1%

NASDAQ VRTX opened at $547.59 on Tuesday. Vertex Pharmaceuticals Incorporated has a twelve month low of $374.17 and a twelve month high of $555.32. The stock has a market capitalization of $138.98 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 2.27 and a beta of 0.30. The stock has a 50-day moving average of $494.60 and a 200 day moving average of $466.46.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results 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). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The company had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. During the same period in the prior year, the business posted $4.52 EPS. Vertex Pharmaceuticals's revenue was up 12.5% compared to the same quarter last year. Equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

VRTX has been the topic of several analyst reports. Wall Street Zen lowered Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Truist Financial boosted their price objective on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Canaccord Genuity Group raised their target price on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the stock a "hold" rating in a research note on Tuesday, August 4th. Morgan Stanley lifted their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Finally, TD Cowen lifted their price objective on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $563.50.

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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