Vertex Pharmaceuticals Incorporated $VRTX Stock Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Vertex Pharmaceuticals stake by 11.7% in the third quarter, adding 16,455 shares to bring its holding to 157,086 shares, valued at about $79.6 million.
• Vertex reported quarterly revenue of $3.44 billion, up 11.8% year over year and above estimates, but earnings of $4.76 per share slightly missed expectations.
• Analysts maintain a broadly positive outlook: Vertex has a “Moderate Buy” consensus rating and an average price target of $596.44.

Allspring Global Investments Holdings LLC raised its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 11.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 157,086 shares of the pharmaceutical company's stock after purchasing an additional 16,455 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Vertex Pharmaceuticals worth $79,602,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bryn Mawr Trust Advisors LLC acquired a new stake in shares of Vertex Pharmaceuticals in the third quarter valued at about $207,000. Hohimer Wealth Management LLC lifted its position in shares of Vertex Pharmaceuticals by 6.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 1,628 shares of the pharmaceutical company's stock worth $851,000 after purchasing an additional 98 shares during the last quarter. Almanack Investment Partners LLC. acquired a new position in shares of Vertex Pharmaceuticals during the 3rd quarter worth about $510,000. M Holdings Securities Inc. acquired a new position in shares of Vertex Pharmaceuticals during the 3rd quarter worth about $1,885,000. Finally, Candriam S.C.A. boosted its stake in Vertex Pharmaceuticals by 6.7% during the 3rd quarter. Candriam S.C.A. now owns 212,933 shares of the pharmaceutical company's stock valued at $111,730,000 after purchasing an additional 13,428 shares during the period. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Up 0.7%

VRTX stock opened at $550.87 on Tuesday. Vertex Pharmaceuticals Incorporated has a twelve month low of $410.50 and a twelve month high of $568.67. The company has a market cap of $139.67 billion, a PE ratio of 35.45, a price-to-earnings-growth ratio of 2.84 and a beta of 0.28. The business's 50-day simple moving average is $522.98 and its 200 day simple moving average is $482.40. The company has a quick ratio of 2.74, a current ratio of 2.34 and a debt-to-equity ratio of 0.17.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The pharmaceutical company reported $4.76 EPS for the quarter, missing the consensus estimate of $4.82 by ($0.06). Vertex Pharmaceuticals had a net margin of 30.70% and a return on equity of 21.98%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same period last year, the company earned $4.80 EPS. The company's revenue was up 11.8% on a year-over-year basis. On average, research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.10 earnings per share for the current year.

Analyst Upgrades and Downgrades

VRTX has been the topic of a number of research analyst reports. Sanford C. Bernstein raised Vertex Pharmaceuticals to a "strong-buy" rating in a report on Wednesday, July 29th. TD Cowen upped their price target on Vertex Pharmaceuticals from $550.00 to $575.00 and gave the stock a "buy" rating in a report on Tuesday, November 3rd. UBS Group increased their price objective on Vertex Pharmaceuticals from $615.00 to $640.00 and gave the company a "buy" rating in a research report on Tuesday, November 3rd. Barclays raised their price objective on shares of Vertex Pharmaceuticals from $617.00 to $626.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 4th. Finally, Scotiabank boosted their target price on shares of Vertex Pharmaceuticals from $558.00 to $660.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $596.44.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals is a biotechnology company headquartered in Boston, Massachusetts. Founded in 1989, it develops medicines for serious diseases, with a long-standing focus on cystic fibrosis (CF).

Vertex's CF treatments include medicines that target the underlying protein defect, such as Trikafta/Kaftrio, Alyftrek, Kalydeco, Orkambi and Symdeko/Symkevi. The company also markets Journavx, a non-opioid medicine for acute pain, and partnered with CRISPR Therapeutics to develop Casgevy, a gene-editing treatment for sickle cell disease and transfusion-dependent beta thalassemia.

Vertex serves patients in the United States and international markets, including Europe.

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