Retirement Systems of Alabama Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Retirement Systems of Alabama cut its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 1.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,182 shares of the pharmaceutical company's stock after selling 576 shares during the quarter. Retirement Systems of Alabama's holdings in Vertex Pharmaceuticals were worth $26,753,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of VRTX. Norges Bank purchased a new stake in Vertex Pharmaceuticals in the fourth quarter valued at approximately $1,374,948,000. GAMMA Investing LLC grew its holdings in Vertex Pharmaceuticals by 60,572.3% in the first 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 period. Parnassus Investments LLC purchased a new stake in Vertex Pharmaceuticals in the fourth quarter valued at approximately $731,283,000. Capital World Investors grew its stake in Vertex Pharmaceuticals by 5.7% during the fourth quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock worth $11,406,667,000 after buying an additional 1,514,993 shares during the period. Finally, Capital Research Global Investors grew its stake in Vertex Pharmaceuticals by 15.8% during the fourth quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock worth $4,199,713,000 after buying an additional 1,426,746 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on VRTX shares. Leerink Partnrs downgraded shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Scotiabank decreased their price objective on shares of Vertex Pharmaceuticals from $450.00 to $442.00 and set a "sector perform" rating for the company in a research note on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Vertex Pharmaceuticals from $512.00 to $515.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $535.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Finally, Leerink Partners reiterated a "market perform" rating and set a $503.00 price objective (down from $550.00) on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $513.14.

Vertex Pharmaceuticals Trading Down 1.7%

VRTX opened at $440.87 on Friday. The stock has a market capitalization of $113.22 billion, a PE ratio of -112.47 and a beta of 0.41. The firm's fifty day moving average price is $459.22 and its 200 day moving average price is $459.55. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.65 and a quick ratio of 2.29. Vertex Pharmaceuticals Incorporated has a 12-month low of $377.85 and a 12-month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share (EPS) 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 analyst estimates of $2.85 billion. Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The company's revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.76 earnings per share. As a group, research analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

About Vertex Pharmaceuticals

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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