Prosperity Wealth Management Inc. Makes New Investment in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Prosperity Wealth Management Inc. purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,010 shares of the pharmaceutical company's stock, valued at approximately $490,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in VRTX. Norges Bank bought a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at approximately $1,374,948,000. GAMMA Investing LLC grew its holdings in shares of Vertex Pharmaceuticals by 60,572.3% during the 1st quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company's stock valued at $1,175,722,000 after purchasing an additional 2,421,073 shares during the last quarter. Parnassus Investments LLC bought a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at approximately $731,283,000. Capital World Investors grew its holdings in shares of Vertex Pharmaceuticals by 5.7% during the 4th 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 during the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of Vertex Pharmaceuticals by 15.8% during the 4th 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 during the last quarter. 90.96% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. William Blair reaffirmed an "outperform" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Morgan Stanley lifted their target price on shares of Vertex Pharmaceuticals from $462.00 to $464.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Bank of America lifted their target price on shares of Vertex Pharmaceuticals from $555.00 to $567.00 and gave the stock a "buy" rating in a research report on Monday, March 31st. Cantor Fitzgerald reiterated an "overweight" rating and set a $535.00 target price on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Finally, Scotiabank cut their target price on shares of Vertex Pharmaceuticals from $450.00 to $442.00 and set a "sector perform" rating on the stock in a research report on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $513.32.

Vertex Pharmaceuticals Stock Down 2.0%

Vertex Pharmaceuticals stock opened at $441.99 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 2.65. Vertex Pharmaceuticals Incorporated has a 52-week low of $377.85 and a 52-week high of $519.88. The firm has a 50 day moving average price of $461.30 and a two-hundred day moving average price of $459.86. The firm has a market cap of $113.50 billion, a price-to-earnings ratio of -112.75 and a beta of 0.41.

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

Vertex Pharmaceuticals Company 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.

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