Westpac Banking Corp Makes New $1.30 Million Investment in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Westpac Banking Corp acquired 2,614 Vertex Pharmaceuticals shares worth approximately $1.30 million in the second quarter. Institutional investors collectively own 90.96% of Vertex’s stock.
• Vertex reported quarterly revenue of $3.33 billion, up 12.5% year over year and ahead of analyst expectations, though earnings per share of $4.73 narrowly missed estimates.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $563.50; recent targets range as high as $585.

Westpac Banking Corp bought a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,614 shares of the pharmaceutical company's stock, valued at approximately $1,298,000.

A number of other hedge funds have also recently modified their holdings of the stock. TRB Wealth Management LLC acquired a new stake in Vertex Pharmaceuticals during the 2nd quarter worth $353,000. Sumitomo Life Insurance Co. purchased a new stake in Vertex Pharmaceuticals in the second quarter valued at $3,258,000. William Blair Investment Management LLC acquired a new position in Vertex Pharmaceuticals in the second quarter valued at $15,981,000. Korea Investment CORP acquired a new position in Vertex Pharmaceuticals in the second quarter valued at $105,958,000. Finally, EP Wealth Advisors LLC purchased a new position in shares of Vertex Pharmaceuticals during the second quarter worth about $4,484,000. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $548.05 on Friday. The company has a market capitalization of $139.10 billion, a P/E ratio of 31.90, a PEG ratio of 2.27 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1 year low of $374.17 and a 1 year high of $555.32. The company's fifty day moving average is $492.65 and its two-hundred day moving average is $465.92.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 3rd. The pharmaceutical company reported $4.73 EPS for the quarter, missing analysts' consensus estimates of $4.74 by ($0.01). Vertex Pharmaceuticals had a net margin of 35.00% and a return on equity of 23.09%. The business had revenue of $3.33 billion during the quarter, compared to analysts' expectations of $3.23 billion. During the same period in the previous year, the company posted $4.52 earnings per share. Vertex Pharmaceuticals's quarterly revenue was up 12.5% on a year-over-year basis. As a group, equities analysts expect that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current year.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total transaction of $787,485.00. Following the completion of the sale, the executive vice president directly owned 45,321 shares of the company's stock, valued at approximately $23,793,071.79. This trade represents a 3.20% decrease in their position. The transaction 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, CMO Carmen Bozic sold 4,062 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $450.00, for a total value of $1,827,900.00. Following the completion of the transaction, the chief marketing officer owned 16,953 shares in the company, valued at $7,628,850. This trade represents a 19.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 10,464 shares of company stock worth $4,959,397 in the last quarter. Company insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

VRTX has been the topic of a number of research analyst reports. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a "strong-buy" rating in a research report on Wednesday, July 29th. Royal Bank Of Canada upped their target price on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Weiss Ratings upgraded Vertex Pharmaceuticals from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 5th. Stifel Nicolaus set a $500.00 price target on Vertex Pharmaceuticals in a research report on Tuesday, August 4th. Finally, UBS Group boosted their price objective on Vertex Pharmaceuticals from $545.00 to $585.00 and gave the company a "buy" rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $563.50.

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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