Vertex Pharmaceuticals Incorporated $VRTX Shares Purchased by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management increased its Vertex Pharmaceuticals stake by 32.2% in the first quarter, bringing its holdings to 38,595 shares worth about $17.2 million.
• Vertex reported strong quarterly results, with EPS of $4.47 beating estimates and revenue of $2.99 billion matching expectations; revenue also rose 8.3% year over year.
• Despite some insider selling, Wall Street remains bullish: analysts give Vertex a Moderate Buy consensus with a target price of $555.91, and the stock was trading near $491.34.

Apollon Wealth Management LLC raised its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 32.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,595 shares of the pharmaceutical company's stock after buying an additional 9,400 shares during the period. Apollon Wealth Management LLC's holdings in Vertex Pharmaceuticals were worth $17,234,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors lifted its position in Vertex Pharmaceuticals by 4.6% during the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company's stock worth $7,850,544,000 after acquiring an additional 763,063 shares in the last quarter. State Street Corp lifted its position in shares of Vertex Pharmaceuticals by 0.7% during the fourth quarter. State Street Corp now owns 11,689,539 shares of the pharmaceutical company's stock worth $5,299,569,000 after purchasing an additional 83,539 shares in the last quarter. Capital International Investors boosted its stake in shares of Vertex Pharmaceuticals by 0.9% in the fourth quarter. Capital International Investors now owns 4,733,596 shares of the pharmaceutical company's stock valued at $2,146,041,000 after purchasing an additional 44,537 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Vertex Pharmaceuticals by 3.3% in the third quarter. Alliancebernstein L.P. now owns 4,522,586 shares of the pharmaceutical company's stock valued at $1,771,226,000 after purchasing an additional 144,266 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Vertex Pharmaceuticals by 49.4% during the 4th quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company's stock valued at $1,521,851,000 after purchasing an additional 1,109,200 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Joy Liu sold 1,104 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $425.02, for a total value of $469,222.08. Following the completion of the transaction, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This trade represents a 5.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sangeeta N. Bhatia sold 318 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.73, for a total value of $134,746.14. Following the transaction, the director owned 4,924 shares in the company, valued at $2,086,446.52. This trade represents a 6.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 16,215 shares of company stock valued at $7,272,420 in the last quarter. Insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock opened at $491.34 on Monday. The firm has a market cap of $124.70 billion, a P/E ratio of 29.14, a P/E/G ratio of 2.10 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1-year low of $362.50 and a 1-year high of $507.92. The firm has a fifty day moving average of $442.17 and a two-hundred day moving average of $454.24.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.24 by $0.23. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.06 EPS. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 17.02 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Sanford C. Bernstein lowered their target price on Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating for the company in a research note on Tuesday, May 5th. Royal Bank Of Canada lifted their target price on Vertex Pharmaceuticals from $541.00 to $543.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 5th. Oppenheimer boosted their price target on Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 10th. Finally, Truist Financial assumed coverage on Vertex Pharmaceuticals in a report on Wednesday, May 27th. They issued a "buy" rating and a $542.00 price target for the company. Twenty-two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $555.91.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex's marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.

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