DnB Asset Management AS Sells 24,411 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• DnB Asset Management AS reduced its stake in Vertex Pharmaceuticals by 12.1%, selling 24,411 shares to hold 176,531 shares valued at approximately $85.6 million.
• Several analysts adjusted their price targets for Vertex, with Cantor Fitzgerald lowering it from $535 to $485, while Wells Fargo upgraded their rating and set a target of $460.
• Director Bruce I. Sachs purchased 5,000 shares of Vertex stock at an average price of $389.68, increasing his ownership by 12.5% and bringing his total holdings to 45,000 shares.

DnB Asset Management AS cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 12.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,531 shares of the pharmaceutical company's stock after selling 24,411 shares during the period. DnB Asset Management AS owned approximately 0.07% of Vertex Pharmaceuticals worth $85,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Activest Wealth Management bought a new position in shares of Vertex Pharmaceuticals in the 1st quarter worth about $25,000. Clal Insurance Enterprises Holdings Ltd raised its stake in Vertex Pharmaceuticals by 450.0% during the 1st 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 during the period. Mascagni Wealth Management Inc. acquired a new position in Vertex Pharmaceuticals during the 4th quarter worth approximately $31,000. SJS Investment Consulting Inc. raised its stake in Vertex Pharmaceuticals by 46.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock worth $46,000 after buying an additional 30 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Vertex Pharmaceuticals in the first quarter worth approximately $46,000. 90.96% of the stock is owned by institutional investors.

Insider Activity

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

Analysts Set New Price Targets

Several brokerages have recently commented on VRTX. Truist Financial set a $490.00 price objective on Vertex Pharmaceuticals and gave the stock a "buy" rating in a research note on Tuesday, August 5th. HC Wainwright reduced their target price on Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating for the company in a report on Tuesday, August 5th. BMO Capital Markets set a $530.00 price target on Vertex Pharmaceuticals and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Wells Fargo & Company upgraded Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 target price on the stock in a research note on Wednesday, August 6th. Finally, Erste Group Bank lowered 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 issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $497.10.

Vertex Pharmaceuticals Price Performance

VRTX stock traded down $0.81 during mid-day trading on Friday, hitting $396.12. 1,171,066 shares of the stock were exchanged, compared to its average volume of 1,677,311. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $519.88. The business has a fifty day moving average price of $428.49 and a 200 day moving average price of $456.39. The stock has a market capitalization of $101.56 billion, a price-to-earnings ratio of 28.31 and a beta of 0.44.

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