Saudi Central Bank Raises Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Saudi Central Bank nearly doubled its Vertex Pharmaceuticals stake in the second quarter, increasing holdings by 90.1% to 17,805 shares valued at approximately $8.84 million. Institutional investors and hedge funds collectively own 90.96% of Vertex.
• Vertex reported 12.5% year-over-year revenue growth to $3.33 billion in its latest quarter, though earnings of $4.73 per share narrowly missed estimates. The stock recently traded at $546.12, near its 12-month high.
• Analysts remain bullish, with a consensus “Moderate Buy” rating and an average price target of $569.52; however, company insiders have sold 8,719 shares worth roughly $4.17 million over the past three months.

Saudi Central Bank raised its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 90.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,805 shares of the pharmaceutical company's stock after purchasing an additional 8,440 shares during the quarter. Saudi Central Bank's holdings in Vertex Pharmaceuticals were worth $8,844,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Brighton Jones LLC lifted its holdings in shares of Vertex Pharmaceuticals by 15.0% during the fourth 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 during the period. Gamco Investors INC. ET AL purchased a new stake in Vertex Pharmaceuticals in the second quarter valued at approximately $228,000. NewEdge Advisors LLC increased its holdings in Vertex Pharmaceuticals by 9.0% in the 2nd quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company's stock worth $5,311,000 after buying an additional 986 shares during the period. ICW Investment Advisors LLC increased its holdings in Vertex Pharmaceuticals by 5.0% in the 2nd quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock worth $269,000 after buying an additional 29 shares during the period. Finally, Diversify Advisory Services LLC increased its holdings in Vertex Pharmaceuticals by 26.3% in the 2nd quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company's stock worth $3,246,000 after buying an additional 1,518 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Trading Down 2.1%

Shares of NASDAQ:VRTX opened at $546.12 on Friday. Vertex Pharmaceuticals Incorporated has a 12-month low of $374.17 and a 12-month high of $560.25. The company has a market capitalization of $138.61 billion, a PE ratio of 31.79, a PEG ratio of 2.37 and a beta of 0.32. The business has a 50 day moving average of $509.50 and a two-hundred day moving average of $471.47.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). The firm had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.Vertex Pharmaceuticals'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 earned $4.52 EPS. Equities research analysts predict that Vertex Pharmaceuticals Incorporated will post 16.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 596 shares of the firm's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $482.50, for a total transaction of $287,570.00. Following the sale, the chief marketing officer owned 15,337 shares in the company, valued at approximately $7,400,102.50. This trade represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Duncan McKechnie sold 1,541 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total transaction of $799,779.00. Following the completion of the transaction, the executive vice president owned 11,001 shares of the company's stock, valued at approximately $5,709,519. This trade represents a 12.29% 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. Over the last three months, insiders have sold 8,719 shares of company stock valued at $4,174,147. Corporate insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Truist Financial lifted their price objective on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Morgan Stanley initiated coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday. They issued an "overweight" rating and a $665.00 price objective on the stock. Barclays raised their target price on shares of Vertex Pharmaceuticals from $615.00 to $617.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Royal Bank Of Canada boosted their target price on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Finally, TD Cowen upped their price target on shares of Vertex Pharmaceuticals from $525.00 to $550.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $569.52.

Vertex Pharmaceuticals 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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