Public Employees Retirement System of Ohio Makes New $48.71 Million Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Public Employees Retirement System of Ohio purchased 98,068 Vertex Pharmaceuticals shares worth approximately $48.71 million, while institutional investors and hedge funds collectively own 90.96% of the company.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and above analyst expectations, though earnings per share of $4.73 narrowly missed the $4.74 consensus estimate.
• Analysts remain broadly bullish, with one Strong Buy, 20 Buy and three Hold ratings; the stock has a consensus price target of $563.50 versus its reported $547.55 share price.

Public Employees Retirement System of Ohio purchased a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 98,068 shares of the pharmaceutical company's stock, valued at approximately $48,713,000.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in Vertex Pharmaceuticals during the second quarter worth about $26,000. Community Financial Services Group LLC purchased a new stake in Vertex Pharmaceuticals during the second quarter worth $26,000. Elevation Wealth Partners LLC grew its position in Vertex Pharmaceuticals by 103.7% during the second quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after buying an additional 28 shares during the period. Motiv8 Investments LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter valued at $26,000. Finally, Swiss RE Ltd. purchased a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth about $28,000. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ:VRTX opened at $547.55 on Friday. Vertex Pharmaceuticals Incorporated has a 12 month low of $374.17 and a 12 month high of $555.69. The firm has a market capitalization of $138.97 billion, a P/E ratio of 31.87, a P/E/G ratio of 2.38 and a beta of 0.30. The company's fifty day moving average price is $500.28 and its 200 day moving average price is $468.15.

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

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 1,500 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the transaction, the executive vice president directly owned 45,321 shares in the company, valued at approximately $23,793,071.79. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 4,062 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the transaction, the chief marketing officer owned 16,953 shares of the company's stock, valued at approximately $7,628,850. The trade was a 19.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,464 shares of company stock valued at $4,959,397 in the last ninety days. Corporate insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VRTX. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Morgan Stanley boosted their price target on shares of Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Cantor Fitzgerald upped their price objective on shares of Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Weiss Ratings lowered shares of Vertex Pharmaceuticals from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday. Finally, UBS Group upped their price target on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $563.50.

Vertex Pharmaceuticals Company 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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