Resona Asset Management Co. Ltd. Has $40.63 Million Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Resona Asset Management trimmed its Vertex Pharmaceuticals stake by 2.9% in the fourth quarter, ending with 89,399 shares worth about $40.6 million.
• Vertex reported better-than-expected quarterly earnings, posting $4.47 EPS versus $4.24 expected, while revenue came in at $2.99 billion, matching analyst estimates and rising 8.3% year over year.
• Analysts remain broadly positive on VRTX, with a Moderate Buy consensus and an average price target of $555.17; meanwhile, insiders recently sold shares, including EVP Joy Liu and Director Sangeeta N. Bhatia.

Resona Asset Management Co. Ltd. decreased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 2.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 89,399 shares of the pharmaceutical company's stock after selling 2,699 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Vertex Pharmaceuticals were worth $40,628,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. AMF Tjanstepension AB boosted its holdings in Vertex Pharmaceuticals by 133.7% during the fourth quarter. AMF Tjanstepension AB now owns 145,949 shares of the pharmaceutical company's stock worth $66,167,000 after purchasing an additional 83,487 shares during the last quarter. Hartford Funds Management Co LLC grew its holdings in shares of Vertex Pharmaceuticals by 96.9% in the 4th quarter. Hartford Funds Management Co LLC now owns 3,073 shares of the pharmaceutical company's stock valued at $1,394,000 after acquiring an additional 1,512 shares in the last quarter. Capstone Capital Management Ltd bought a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $219,000. Profund Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 9.2% in the 4th quarter. Profund Advisors LLC now owns 28,818 shares of the pharmaceutical company's stock valued at $13,065,000 after acquiring an additional 2,423 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 37.0% in the 4th quarter. ProShare Advisors LLC now owns 457,046 shares of the pharmaceutical company's stock valued at $207,206,000 after acquiring an additional 123,314 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company's stock.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock opened at $436.58 on Tuesday. The stock has a market cap of $110.80 billion, a P/E ratio of 25.89, a P/E/G ratio of 1.87 and a beta of 0.30. The company has a fifty day moving average price of $445.08 and a two-hundred day moving average price of $450.71. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating analysts' consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the company posted $4.06 earnings per share. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.97 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VRTX has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Vertex Pharmaceuticals in a report on Tuesday, March 10th. They issued a "buy" rating and a $580.00 price objective for the company. Sanford C. Bernstein decreased their price objective on Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating for the company in a report on Tuesday, May 5th. Maxim Group upgraded Vertex Pharmaceuticals from a "hold" rating to a "buy" rating and set a $575.00 price objective for the company in a report on Wednesday, March 18th. UBS Group raised their price objective on Vertex Pharmaceuticals from $535.00 to $545.00 and gave the company a "buy" rating in a report on Monday, January 26th. Finally, Citigroup raised their price objective on Vertex Pharmaceuticals from $575.00 to $585.00 and gave the company a "buy" rating in a report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $555.17.

Insider Activity at Vertex Pharmaceuticals

In other news, EVP Joy Liu sold 1,104 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $425.02, for a total transaction of $469,222.08. Following the completion of the sale, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This trade represents a 5.06% decrease in their position. The transaction was disclosed in a 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, Director Sangeeta N. Bhatia sold 318 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the sale, the director owned 4,924 shares of the company's stock, valued at approximately $2,086,446.52. This represents a 6.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 79,802 shares of company stock worth $37,402,568 in the last quarter. 0.20% of the stock is owned by corporate insiders.

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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