Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Position Cut by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has reduced its stake in Vertex Pharmaceuticals by 10.0%, selling 18,842 shares and holding a total of 170,233 shares valued at $82,532,000.
• Vertex Pharmaceuticals' stock received varying analyst ratings, with a consensus rating of "Moderate Buy" and an average target price of $512.30, reflecting differing outlooks among brokerages.
• In the latest earnings report, Vertex Pharmaceuticals reported $4.06 EPS, missing estimates, and generated $2.77 billion in revenue, which was below analysts' expectations of $2.85 billion.

Federated Hermes Inc. lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 170,233 shares of the pharmaceutical company's stock after selling 18,842 shares during the period. Federated Hermes Inc. owned 0.07% of Vertex Pharmaceuticals worth $82,532,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital World Investors grew its stake in shares of Vertex Pharmaceuticals by 5.7% during the 4th quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after purchasing an additional 1,514,993 shares during the period. Capital Research Global Investors raised its holdings in Vertex Pharmaceuticals by 15.8% during the 4th quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock valued at $4,199,713,000 after buying an additional 1,426,746 shares during the period. Jennison Associates LLC grew its position in shares of Vertex Pharmaceuticals by 17.2% during 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 in the last quarter. Edgewood Management LLC boosted its position in Vertex Pharmaceuticals by 91.2% during the fourth quarter. Edgewood Management LLC now owns 2,956,608 shares of the pharmaceutical company's stock valued at $1,190,626,000 after purchasing an additional 1,410,238 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Vertex Pharmaceuticals by 12.6% during the fourth quarter. Janus Henderson Group PLC now owns 2,833,889 shares of the pharmaceutical company's stock worth $1,141,277,000 after purchasing an additional 317,058 shares during the period. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Trading Down 2.6%

VRTX stock traded down $12.29 during trading on Thursday, reaching $456.87. 1,479,656 shares of the stock traded hands, compared to its average volume of 1,005,596. Vertex Pharmaceuticals Incorporated has a 52-week low of $377.85 and a 52-week high of $519.88. The business's 50 day moving average price is $455.09 and its 200-day moving average price is $466.12. 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 firm has a market capitalization of $117.32 billion, a PE ratio of -116.55 and a beta of 0.41.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wolfe Research cut Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. upped their price target on Vertex Pharmaceuticals from $515.00 to $517.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Erste Group Bank downgraded Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Friday, May 23rd. Scotiabank dropped their price target on Vertex Pharmaceuticals from $450.00 to $442.00 and set a "sector perform" rating on the stock in a research note on Tuesday, May 6th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $535.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Fourteen research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $512.30.

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.