Corebridge Financial Inc. Decreases Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Corebridge Financial Inc. has reduced its stake in Vertex Pharmaceuticals by 4.2%, owning 84,328 shares valued at approximately $40.88 million after selling 3,718 shares in the first quarter.
• Vertex Pharmaceuticals reported a quarterly EPS of $4.52, surpassing analysts' expectations, with revenues of $2.94 billion, marking an 11.3% increase year-over-year.
• Insider trading activity noted Director Bruce I. Sachs purchasing 5,000 shares at $389.68 per share, increasing his total holdings by 12.5%.

Corebridge Financial Inc. decreased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,328 shares of the pharmaceutical company's stock after selling 3,718 shares during the period. Corebridge Financial Inc.'s holdings in Vertex Pharmaceuticals were worth $40,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Vertex Pharmaceuticals by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 23,491,161 shares of the pharmaceutical company's stock valued at $11,388,985,000 after acquiring an additional 232,873 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 valued at $2,454,373,000 after acquiring an additional 744,680 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Vertex Pharmaceuticals by 72.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,917,227 shares of the pharmaceutical company's stock worth $1,414,331,000 after buying an additional 1,226,527 shares during the period. Janus Henderson Group PLC boosted its holdings in Vertex Pharmaceuticals by 12.6% in the 4th quarter. Janus Henderson Group PLC now owns 2,833,889 shares of the pharmaceutical company's stock worth $1,141,277,000 after buying an additional 317,058 shares during the period. Finally, Northern Trust Corp boosted its holdings in Vertex Pharmaceuticals by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,721,049 shares of the pharmaceutical company's stock worth $1,095,766,000 after buying an additional 355,057 shares during the period. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 0.5%

VRTX stock traded up $1.90 during mid-day trading on Wednesday, hitting $389.08. The company had a trading volume of 1,911,174 shares, compared to its average volume of 2,537,219. The company has a market capitalization of $99.76 billion, a price-to-earnings ratio of 27.81 and a beta of 0.44. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $519.88. The company has a 50-day moving average price of $435.47 and a 200 day moving average price of $459.64.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.24 by $0.28. The business had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The business's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($12.83) EPS. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. As a group, analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Wall Street Analysts Forecast Growth

VRTX has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Canaccord Genuity Group dropped their target price 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. Stifel Nicolaus dropped their target price on shares of Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating for the company in a report on Tuesday, August 5th. Guggenheim dropped their target price on shares of Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, UBS Group set a $553.00 target price on shares of Vertex Pharmaceuticals and gave the stock a "buy" rating in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and thirteen have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $497.10.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs bought 5,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the transaction, the director owned 45,000 shares of the company's stock, valued at $17,535,600. This represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by insiders.

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.