Prudential PLC Sells 5,451 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Prudential PLC reduced its stake in Vertex Pharmaceuticals by 21.4%, selling 5,451 shares and holding 20,067 shares valued at approximately $9.73 million.
• Vertex Pharmaceuticals reported a quarterly EPS of $4.52, beating estimates by 28 cents, with revenues of $2.94 billion, exceeding expectations of $2.90 billion.
• Brokerages have issued a mixed consensus for Vertex, with 13 buy ratings and 13 hold ratings, while the target price averages around $497.10.

Prudential PLC cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,067 shares of the pharmaceutical company's stock after selling 5,451 shares during the period. Prudential PLC's holdings in Vertex Pharmaceuticals were worth $9,729,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after purchasing an additional 579 shares in the last quarter. XTX Topco Ltd bought a new stake in Vertex Pharmaceuticals in the 4th quarter worth about $1,019,000. Canada Post Corp Registered Pension Plan bought a new stake in Vertex Pharmaceuticals in the 4th quarter worth about $1,653,000. Kane Investment Management Inc. bought a new stake in Vertex Pharmaceuticals in the 4th quarter worth about $894,000. Finally, Jump Financial LLC grew its position in Vertex Pharmaceuticals by 2.4% in the 4th quarter. Jump Financial LLC now owns 3,041 shares of the pharmaceutical company's stock worth $1,225,000 after purchasing an additional 72 shares in the last quarter. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Trading Up 3.6%

Shares of VRTX stock opened at $387.77 on Wednesday. The stock has a market capitalization of $99.42 billion, a P/E ratio of 27.72 and a beta of 0.44. The firm's 50 day moving average is $448.18 and its 200 day moving average is $464.96. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. The company had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. Vertex Pharmaceuticals's revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($12.83) EPS. On average, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on VRTX. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Guggenheim reduced their price objective on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Truist Financial set a $490.00 price objective on shares of Vertex Pharmaceuticals and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Leerink Partners reaffirmed a "market perform" rating and issued a $503.00 price objective (down from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Finally, Scotiabank dropped their target price on shares of Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 5th. Thirteen research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $497.10.

Insiders Place Their Bets

In other news, Director Bruce I. Sachs bought 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average price of $389.68 per share, with a total value of $1,948,400.00. Following the acquisition, the director owned 45,000 shares of the company's stock, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.20% of the company's stock.

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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