Assetmark Inc. Acquires 5,432 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Assetmark Inc. increased its holdings in Vertex Pharmaceuticals by 6.8%, acquiring an additional 5,432 shares in the first quarter, bringing its total to 85,297 shares valued at approximately $41.35 million.
• Vertex Pharmaceuticals reported earnings per share of $4.06 for the last quarter, which was below analysts' expectations of $4.29, alongside a revenue of $2.77 billion, which also fell short of estimates.
• Despite mixed earnings results, Vertex Pharmaceuticals maintains a consensus rating of "Moderate Buy" from analysts, with a price target of $512.30.

Assetmark Inc. grew its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 6.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,297 shares of the pharmaceutical company's stock after purchasing an additional 5,432 shares during the period. Assetmark Inc.'s holdings in Vertex Pharmaceuticals were worth $41,354,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mascagni Wealth Management Inc. purchased a new stake in Vertex Pharmaceuticals during the fourth quarter valued at about $31,000. SJS Investment Consulting Inc. boosted its position in Vertex Pharmaceuticals by 46.2% during the first quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock valued at $46,000 after buying an additional 30 shares during the period. Mpwm Advisory Solutions LLC bought a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at about $40,000. Minot DeBlois Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $44,000. Finally, City State Bank increased its holdings in Vertex Pharmaceuticals by 746.2% during the 1st quarter. City State Bank now owns 110 shares of the pharmaceutical company's stock valued at $53,000 after purchasing an additional 97 shares during the period. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Trading Up 0.7%

VRTX stock traded up $3.09 during mid-day trading on Wednesday, reaching $471.50. The company had a trading volume of 185,376 shares, compared to its average volume of 1,513,179. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.65 and a quick ratio of 2.29. The company has a market capitalization of $121.08 billion, a PE ratio of -120.33 and a beta of 0.41. The firm has a 50 day moving average of $453.96 and a 200 day moving average of $465.79. Vertex Pharmaceuticals Incorporated has a 12 month low of $377.85 and a 12 month high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its 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). The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.85 billion. Vertex Pharmaceuticals had a negative return on equity of 3.36% and a negative net margin of 8.91%. Vertex Pharmaceuticals's revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.76 earnings per share. On average, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VRTX has been the subject of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Morgan Stanley decreased their price target on shares of Vertex Pharmaceuticals from $464.00 to $460.00 and set an "equal weight" rating on the stock in a research report on Friday, June 20th. Wolfe Research downgraded shares of Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, May 7th. Scotiabank cut their price objective on shares of Vertex Pharmaceuticals from $450.00 to $442.00 and set a "sector perform" rating for the company in a research report on Tuesday, May 6th. Finally, Royal Bank Of Canada set a $420.00 price objective on shares of Vertex Pharmaceuticals and gave the company a "sector perform" rating in a research report on Tuesday, June 17th. Fourteen analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $512.30.

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.