Y Intercept Hong Kong Ltd Purchases Shares of 35,829 Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Vertex Pharmaceuticals, buying 35,829 shares valued at about $16.0 million in the first quarter.
• Vertex continues to attract major institutional interest, with several large funds increasing or initiating positions; overall, about 90.96% of the stock is owned by institutions and hedge funds.
• The company reported solid first-quarter results, posting $4.47 EPS versus the $4.24 consensus and revenue of $2.99 billion, while analysts maintain a Moderate Buy rating with a consensus target price of $555.91.

Y Intercept Hong Kong Ltd acquired a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 35,829 shares of the pharmaceutical company's stock, valued at approximately $15,999,000.

Several other institutional investors and hedge funds have also recently modified their holdings of VRTX. Norges Bank acquired a new position in Vertex Pharmaceuticals in the 4th quarter valued at about $1,440,149,000. Capital International Investors raised its holdings in Vertex Pharmaceuticals by 77.9% in the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company's stock valued at $1,836,550,000 after acquiring an additional 2,053,156 shares during the period. Victory Capital Management Inc. lifted its position in Vertex Pharmaceuticals by 49.4% during the fourth quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company's stock worth $1,521,851,000 after acquiring an additional 1,109,200 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Vertex Pharmaceuticals by 4.6% during the fourth quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company's stock worth $7,850,544,000 after acquiring an additional 763,063 shares during the period. Finally, Life Cycle Investment Partners Ltd acquired a new position in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $166,317,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Royal Bank Of Canada lifted their price target on Vertex Pharmaceuticals from $541.00 to $543.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Morgan Stanley upped their price objective on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the company an "overweight" rating in a report on Tuesday, May 5th. Truist Financial assumed coverage on Vertex Pharmaceuticals in a research report on Wednesday, May 27th. They set a "buy" rating and a $542.00 price objective on the stock. Jefferies Financial Group initiated coverage on Vertex Pharmaceuticals in a report on Tuesday, March 10th. They set a "buy" rating and a $580.00 target price for the company. Finally, Barclays boosted their target price on shares of Vertex Pharmaceuticals from $607.00 to $615.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Twenty-one research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $555.91.

Vertex Pharmaceuticals Stock Up 6.0%

Shares of Vertex Pharmaceuticals stock opened at $528.04 on Friday. The company has a market capitalization of $134.02 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 2.13 and a beta of 0.29. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $529.14. The firm's 50-day moving average price is $447.57 and its two-hundred day moving average price is $455.95.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, beating the consensus estimate of $4.24 by $0.23. The company had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The business's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.06 EPS. On average, sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 17.02 earnings per share for the current year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 318 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $423.73, for a total value of $134,746.14. Following the transaction, the director owned 4,924 shares in the company, valued at $2,086,446.52. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Joy Liu sold 1,104 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $425.02, for a total value of $469,222.08. Following the transaction, the executive vice president directly owned 20,729 shares of the company's stock, valued at approximately $8,810,239.58. The trade was a 5.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,833 shares of company stock worth $7,120,702 over the last three months. Insiders own 0.20% of the company's stock.

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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