SEB Asset Management AB Invests $62.94 Million in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• SEB Asset Management AB opened a new position in Vertex Pharmaceuticals, buying 140,951 shares worth about $62.94 million in the first quarter. The stake represented about 0.06% of the company.
• Vertex reported better-than-expected quarterly earnings, with EPS of $4.47 versus estimates of $4.24, while revenue came in at $2.99 billion and rose 8.3% year over year. Analysts now expect the company to earn 17.01 EPS for the full year.
• Wall Street remains largely bullish on the stock: several firms raised price targets, and Vertex currently has a Moderate Buy consensus with an average price target of $559.61. Meanwhile, insiders have sold shares recently, including EVP Duncan Mckechnie and Director Sangeeta N. Bhatia.

SEB Asset Management AB bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 140,951 shares of the pharmaceutical company's stock, valued at approximately $62,940,000. SEB Asset Management AB owned 0.06% of Vertex Pharmaceuticals at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Motiv8 Investments LLC acquired a new position in Vertex Pharmaceuticals in the 4th quarter valued at $26,000. Swiss RE Ltd. bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth about $28,000. Eagle Bay Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at approximately $29,000. IMG Wealth Management Inc. raised its position in Vertex Pharmaceuticals by 277.8% during the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock valued at $31,000 after purchasing an additional 50 shares in the last quarter. Finally, Ares Financial Consulting LLC bought a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at $33,000. 90.96% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Duncan Mckechnie sold 1,541 shares of Vertex Pharmaceuticals stock in a transaction on 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sangeeta N. Bhatia sold 318 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the completion of the transaction, the director directly owned 4,924 shares in the company, valued at $2,086,446.52. The trade was a 6.07% 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 ninety days, insiders sold 18,874 shares of company stock worth $8,707,966. Company insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Price Performance

NASDAQ:VRTX opened at $485.65 on Friday. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $533.67. The business has a fifty day simple moving average of $462.54 and a two-hundred day simple moving average of $459.00. The company has a market capitalization of $123.26 billion, a P/E ratio of 28.80, a P/E/G ratio of 2.11 and a beta of 0.29.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share for the quarter, topping the consensus estimate of $4.24 by $0.23. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate 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 was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $4.06 earnings per share. As a group, analysts anticipate that Vertex Pharmaceuticals Incorporated will post 17.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on VRTX shares. Royal Bank Of Canada upped their price objective on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 7th. Morgan Stanley lifted their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Truist Financial upped their price target on shares of Vertex Pharmaceuticals from $542.00 to $560.00 and gave the company a "buy" rating in a research report on Monday, July 13th. UBS Group lifted their price objective on shares of Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Wall Street Zen lowered Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. Twenty-two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $559.61.

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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