State of New Jersey Common Pension Fund D Decreases Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Vertex Pharmaceuticals by 9.0%, holding 86,729 shares worth approximately $42 million after selling 8,538 shares.
• Several institutional investors have increased their positions in Vertex, including Clal Insurance Enterprises, which boosted its stake by 450.0%.
• Vertex Pharmaceuticals reported better-than-expected earnings with an EPS of $4.52, exceeding the consensus estimate of $4.24, and had a quarterly revenue of $2.94 billion.

State of New Jersey Common Pension Fund D lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 9.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,729 shares of the pharmaceutical company's stock after selling 8,538 shares during the period. State of New Jersey Common Pension Fund D's holdings in Vertex Pharmaceuticals were worth $42,048,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in VRTX. Clal Insurance Enterprises Holdings Ltd increased its stake in shares of Vertex Pharmaceuticals by 450.0% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock worth $27,000 after acquiring an additional 45 shares during the period. Mascagni Wealth Management Inc. acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $31,000. SJS Investment Consulting Inc. boosted its stake in shares of Vertex Pharmaceuticals by 46.2% in the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock worth $46,000 after buying an additional 30 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in Vertex Pharmaceuticals during the first quarter worth about $46,000. Finally, Stone House Investment Management LLC purchased a new position in Vertex Pharmaceuticals during the first quarter valued at approximately $48,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Down 1.4%

NASDAQ:VRTX opened at $390.30 on Friday. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $519.88. The stock's fifty day moving average is $446.11 and its two-hundred day moving average is $464.11. The stock has a market capitalization of $100.07 billion, a price-to-earnings ratio of 27.90 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.28. The business 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 quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($12.83) earnings per share. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on VRTX. Cantor Fitzgerald lowered their price objective on Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 5th. Leerink Partners reiterated a "market perform" rating and issued a $503.00 price objective (down previously from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Canaccord Genuity Group cut their price target on Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a research note on Wednesday, August 6th. Royal Bank Of Canada lowered their price target on Vertex Pharmaceuticals from $430.00 to $405.00 and set a "sector perform" rating on the stock in a research report on Tuesday, August 5th. Finally, HC Wainwright reduced their target price on Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating for the company in a research note on Tuesday, August 5th. Thirteen analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $497.10.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs bought 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company's stock.

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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