Vertex Pharmaceuticals Incorporated $VRTX Stake Raised by Atle Fund Management AB

Key Points

• Atle Fund Management AB boosted its Vertex Pharmaceuticals stake by 29.4% in the fourth quarter, adding 5,218 shares to bring its total to 22,984 shares worth about $10.4 million.
• Vertex reported better-than-expected quarterly earnings, with EPS of $4.47 topping consensus estimates of $4.24, while revenue came in at $2.99 billion, in line with expectations and up 8.3% year over year.
• Analysts remain generally constructive on the stock, with Vertex carrying a Moderate Buy consensus rating and an average price target of $555.17, though one insider sale by EVP Joy Liu was also disclosed.

Atle Fund Management AB raised its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 29.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,984 shares of the pharmaceutical company's stock after purchasing an additional 5,218 shares during the quarter. Vertex Pharmaceuticals accounts for 3.3% of Atle Fund Management AB's holdings, making the stock its 9th largest holding. Atle Fund Management AB's holdings in Vertex Pharmaceuticals were worth $10,420,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Intrust Bank NA raised its position in Vertex Pharmaceuticals by 6.5% in the fourth quarter. Intrust Bank NA now owns 3,473 shares of the pharmaceutical company's stock valued at $1,575,000 after purchasing an additional 211 shares during the period. Banque Cantonale Vaudoise grew its stake in shares of Vertex Pharmaceuticals by 9.4% in the fourth quarter. Banque Cantonale Vaudoise now owns 11,076 shares of the pharmaceutical company's stock valued at $5,021,000 after buying an additional 954 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in shares of Vertex Pharmaceuticals by 16.8% in the fourth quarter. Cullen Frost Bankers Inc. now owns 590 shares of the pharmaceutical company's stock valued at $267,000 after buying an additional 85 shares in the last quarter. Covestor Ltd grew its stake in shares of Vertex Pharmaceuticals by 118.0% in the fourth quarter. Covestor Ltd now owns 484 shares of the pharmaceutical company's stock valued at $220,000 after buying an additional 262 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter valued at $14,182,000. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Trading Down 0.5%

Shares of VRTX stock opened at $434.31 on Wednesday. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $507.92. The company has a market cap of $110.23 billion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 1.87 and a beta of 0.30. The stock has a 50 day simple moving average of $444.63 and a 200-day simple moving average of $450.83.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating analysts' consensus estimates of $4.24 by $0.23. The firm had revenue of $2.99 billion for the quarter, compared to analysts' expectations of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.Vertex Pharmaceuticals's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.06 EPS. On average, equities analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.97 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Truist Financial raised Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Monday, April 27th. Canaccord Genuity Group dropped their price objective on Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating for the company in a research note on Tuesday, May 5th. HC Wainwright lifted their price objective on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the company a "buy" rating in a research note on Tuesday, March 10th. Barclays upped their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Finally, Wall Street Zen upgraded Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $555.17.

Insider Activity

In other Vertex Pharmaceuticals news, EVP Joy Liu sold 1,104 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $425.02, for a total transaction of $469,222.08. Following the sale, the executive vice president owned 20,729 shares in the company, valued at approximately $8,810,239.58. This represents a 5.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Kristen Ambrose sold 223 shares of the firm's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $108,456.05. Following the sale, the chief accounting officer owned 6,981 shares in the company, valued at $3,395,209.35. This trade represents a 3.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 79,802 shares of company stock worth $37,402,568 in the last quarter. 0.20% of the stock is currently owned by corporate insiders.

About Vertex Pharmaceuticals

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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