Zurcher Kantonalbank Zurich Cantonalbank Has $186.52 Million Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Vertex Pharmaceuticals by 10.1%, owning 384,710 shares valued at $186.5 million, making it the fund’s 26th largest holding.
• Vertex Pharmaceuticals reported a missed EPS estimate of $4.06, falling short of $4.29 expectations, while revenue was $2.77 billion, also below the $2.85 billion forecast.
• Institutional investors hold 90.96% of Vertex Pharmaceuticals' stock, indicating strong institutional interest and confidence in the company’s financial stability.

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 10.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 384,710 shares of the pharmaceutical company's stock after buying an additional 35,233 shares during the period. Vertex Pharmaceuticals comprises 0.5% of Zurcher Kantonalbank Zurich Cantonalbank's holdings, making the stock its 26th largest position. Zurcher Kantonalbank Zurich Cantonalbank owned 0.15% of Vertex Pharmaceuticals worth $186,515,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Mascagni Wealth Management Inc. acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth about $31,000. Mpwm Advisory Solutions LLC acquired a new position in Vertex Pharmaceuticals during the fourth quarter worth $40,000. Minot DeBlois Advisors LLC bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth $44,000. SJS Investment Consulting Inc. lifted its stake in Vertex Pharmaceuticals by 46.2% in the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock valued at $46,000 after acquiring an additional 30 shares during the last quarter. Finally, Transce3nd LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth about $50,000. Institutional investors and hedge funds own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VRTX shares. Scotiabank cut their target price 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. William Blair reissued an "outperform" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. HC Wainwright restated a "buy" rating and issued a $550.00 price target on shares of Vertex Pharmaceuticals in a research note on Monday, June 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Vertex Pharmaceuticals from $515.00 to $517.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $512.30.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ:VRTX traded up $3.00 during trading on Wednesday, hitting $471.41. 351,679 shares of the company were exchanged, compared to its average volume of 1,514,251. The company has a quick ratio of 2.29, a current ratio of 2.65 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 1-year low of $377.85 and a 1-year high of $519.88. The company has a market capitalization of $121.06 billion, a P/E ratio of -120.26 and a beta of 0.41. The business's 50 day moving average is $453.96 and its 200-day moving average is $465.79.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 EPS for the quarter, missing analysts' consensus estimates of $4.29 by ($0.23). Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same period in the previous year, the business posted $4.76 earnings per share. The business's revenue for the quarter was up 2.6% compared to the same quarter last year. Equities analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Vertex Pharmaceuticals 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.