Public Sector Pension Investment Board Grows Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• The Public Sector Pension Investment Board increased its stake in Vertex Pharmaceuticals by 8.4%, owning 35,109 shares valued at approximately $17 million.
• Vertex Pharmaceuticals reported an earnings per share (EPS) of $4.52 for the quarter, exceeding analyst expectations of $4.24, alongside a revenue of $2.94 billion.
• Equities analysts have lowered their price targets for Vertex, with Erste Group Bank downgrading it from "strong-buy" to "hold," while the average target price is now $497.10.

Public Sector Pension Investment Board lifted its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 8.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,109 shares of the pharmaceutical company's stock after buying an additional 2,707 shares during the quarter. Public Sector Pension Investment Board's holdings in Vertex Pharmaceuticals were worth $17,022,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of VRTX. Brighton Jones LLC lifted its holdings in shares of Vertex Pharmaceuticals by 15.0% in the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after buying an additional 579 shares in the last quarter. Townsquare Capital LLC lifted its holdings in shares of Vertex Pharmaceuticals by 13.8% in the fourth quarter. Townsquare Capital LLC now owns 17,127 shares of the pharmaceutical company's stock worth $6,897,000 after buying an additional 2,073 shares in the last quarter. Sagespring Wealth Partners LLC purchased a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth $925,000. Trustmark National Bank Trust Department lifted its holdings in shares of Vertex Pharmaceuticals by 4.8% in the fourth quarter. Trustmark National Bank Trust Department now owns 6,777 shares of the pharmaceutical company's stock worth $2,729,000 after buying an additional 311 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Vertex Pharmaceuticals in the fourth quarter worth $1,019,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Trading Up 2.2%

NASDAQ VRTX opened at $374.46 on Tuesday. The company's 50-day moving average price is $449.35 and its 200-day moving average price is $465.50. The stock has a market cap of $96.01 billion, a PE ratio of 26.77 and a beta of 0.44. 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 posted its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. The firm 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%. The business's revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted ($12.83) earnings per share. As a group, sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs purchased 5,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the acquisition, the director owned 45,000 shares in the company, valued at approximately $17,535,600. This trade represents a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Erste Group Bank downgraded shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Friday, May 23rd. Cantor Fitzgerald decreased their price target on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 5th. Royal Bank Of Canada decreased their price target on shares of Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating on the stock in a research note on Tuesday, August 5th. Leerink Partnrs downgraded shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group decreased their price target on shares of Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating on the stock in a research note on Wednesday, August 6th. Thirteen research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $497.10.

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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