SteelPeak Wealth LLC Makes New $10.06 Million Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• SteelPeak Wealth LLC has made a new investment of approximately $10.06 million in Vertex Pharmaceuticals, acquiring 22,594 shares of the company during the second quarter.
• Vertex Pharmaceuticals has experienced significant changes in institutional ownership, with hedge funds and institutional investors now owning 90.96% of the company's stock.
• Recent analysts' ratings have resulted in a mix of price target adjustments, with Canaccord Genuity lowering its target from $424 to $411, while Wells Fargo upgraded the stock to an "overweight" rating with a target of $460.

SteelPeak Wealth LLC bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 22,594 shares of the pharmaceutical company's stock, valued at approximately $10,059,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in VRTX. Price T Rowe Associates Inc. MD grew its stake in shares of Vertex Pharmaceuticals by 72.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,917,227 shares of the pharmaceutical company's stock worth $1,414,331,000 after buying an additional 1,226,527 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 1st quarter worth approximately $484,053,000. Jennison Associates LLC grew its stake in shares of Vertex Pharmaceuticals by 17.2% in the 1st quarter. Jennison Associates LLC now owns 5,062,442 shares of the pharmaceutical company's stock worth $2,454,373,000 after buying an additional 744,680 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Vertex Pharmaceuticals by 28.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,775,194 shares of the pharmaceutical company's stock worth $860,650,000 after buying an additional 398,460 shares during the last quarter. Finally, Alyeska Investment Group L.P. grew its stake in shares of Vertex Pharmaceuticals by 456.9% in the 1st quarter. Alyeska Investment Group L.P. now owns 431,804 shares of the pharmaceutical company's stock worth $209,347,000 after buying an additional 354,269 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company's stock.

Insider Buying and Selling

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 shares were bought at an average cost of $389.68 per share, with a total value of $1,948,400.00. Following the acquisition, the director owned 45,000 shares in the company, valued at $17,535,600. This trade represents a 12.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

VRTX has been the topic of several recent research reports. Canaccord Genuity Group cut their price target on Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating on the stock in a research note on Wednesday, August 6th. Royal Bank Of Canada lowered their price objective 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. 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. Wells Fargo & Company raised Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price objective on the stock in a research report on Wednesday, August 6th. Finally, Truist Financial set a $490.00 price objective on Vertex Pharmaceuticals and gave the company a "buy" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus target price of $493.81.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $402.90 on Tuesday. Vertex Pharmaceuticals Incorporated has a 1-year low of $362.50 and a 1-year high of $519.88. The business's fifty day moving average price is $397.96 and its 200-day moving average price is $441.32. The stock has a market capitalization of $103.30 billion, a price-to-earnings ratio of 28.80 and a beta of 0.43.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The company had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same period last year, the firm earned ($12.83) EPS. Vertex Pharmaceuticals's revenue for the quarter was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.