Vertex Pharmaceuticals Incorporated $VRTX Shares Acquired by Comerica Bank

Key Points

• Comerica Bank increased its stake in Vertex Pharmaceuticals by 32.0%, owning 65,421 shares valued at approximately $31.7 million as per its recent SEC filing.
• Insider transactions were notable, with Director Bruce I. Sachs purchasing 5,000 shares at an average price of $389.68, boosting his ownership by 12.5%.
• Vertex Pharmaceuticals reported a net margin of 31.86% and quarterly earnings of $4.52 per share, surpassing analysts' expectations, with revenue increasing by 11.3% year-over-year.

Comerica Bank lifted its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 32.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,421 shares of the pharmaceutical company's stock after buying an additional 15,843 shares during the quarter. Comerica Bank's holdings in Vertex Pharmaceuticals were worth $31,717,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in VRTX. Clal Insurance Enterprises Holdings Ltd grew its position in shares of Vertex Pharmaceuticals by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock worth $27,000 after buying an additional 45 shares in the last quarter. Mascagni Wealth Management Inc. acquired a new position in Vertex Pharmaceuticals in the fourth quarter worth $31,000. Mpwm Advisory Solutions LLC acquired a new position in Vertex Pharmaceuticals in the fourth quarter worth $40,000. Minot DeBlois Advisors LLC acquired a new position in Vertex Pharmaceuticals in the fourth quarter worth $44,000. Finally, SJS Investment Consulting Inc. boosted its holdings in 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 purchasing an additional 30 shares during the period. Institutional investors and hedge funds own 90.96% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. 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 report on Monday, July 14th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Canaccord Genuity Group decreased their price objective on shares of Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a report on Wednesday, August 6th. Leerink Partners reaffirmed a "market perform" rating and issued a $503.00 price objective (down previously from $550.00) on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Finally, Erste Group Bank cut Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $497.10.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs acquired 5,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the purchase, the director directly 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Stock Down 0.6%

Shares of NASDAQ VRTX opened at $395.12 on Monday. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.88. The firm's 50-day simple moving average is $438.99 and its 200 day simple moving average is $461.20. The stock has a market cap of $101.30 billion, a P/E ratio of 28.24 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The business had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same period in the previous year, the business earned ($12.83) earnings per share. The company's revenue was up 11.3% on a year-over-year basis. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal 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.

Want to see what other hedge funds are holding VRTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report).

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.