Park Avenue Securities LLC Acquires 863 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Posted by on Apr 3rd, 2023

Park Avenue Securities LLC boosted its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX – Get Rating) by 11.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,678 shares of the pharmaceutical company’s stock after purchasing an additional 863 shares during the quarter. Park Avenue Securities LLC’s holdings in Vertex Pharmaceuticals were worth $2,506,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of VRTX. Jennison Associates LLC raised its holdings in Vertex Pharmaceuticals by 168.3% during the 3rd quarter. Jennison Associates LLC now owns 4,755,821 shares of the pharmaceutical company’s stock valued at $1,377,000,000 after buying an additional 2,983,253 shares during the period. Macquarie Group Ltd. boosted its position in Vertex Pharmaceuticals by 232.3% during the second quarter. Macquarie Group Ltd. now owns 933,179 shares of the pharmaceutical company’s stock valued at $262,961,000 after purchasing an additional 652,321 shares in the last quarter. Assetmark Inc. boosted its position in Vertex Pharmaceuticals by 5,017.5% during the third quarter. Assetmark Inc. now owns 387,858 shares of the pharmaceutical company’s stock valued at $112,300,000 after purchasing an additional 380,279 shares in the last quarter. Renaissance Technologies LLC raised its stake in Vertex Pharmaceuticals by 21.4% in the third quarter. Renaissance Technologies LLC now owns 2,138,885 shares of the pharmaceutical company’s stock valued at $619,293,000 after buying an additional 377,717 shares during the last quarter. Finally, Amundi raised its stake in Vertex Pharmaceuticals by 57.2% in the second quarter. Amundi now owns 931,387 shares of the pharmaceutical company’s stock valued at $266,517,000 after buying an additional 338,889 shares during the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

VRTX has been the subject of several research analyst reports. Morgan Stanley reduced their price objective on Vertex Pharmaceuticals from $286.00 to $285.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 8th. SVB Securities reduced their price target on Vertex Pharmaceuticals from $374.00 to $365.00 in a research report on Wednesday, February 8th. HC Wainwright raised their price objective on Vertex Pharmaceuticals from $300.00 to $325.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Argus raised their price objective on Vertex Pharmaceuticals from $340.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday, March 29th. Finally, Canaccord Genuity Group initiated coverage on Vertex Pharmaceuticals in a report on Wednesday, January 18th. They issued a “hold” rating and a $311.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $328.38.

Insider Activity

In related news, Director Yuchun Lee sold 1,429 shares of the stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $322.03, for a total value of $460,180.87. Following the completion of the transaction, the director now directly owns 1,875 shares of the company’s stock, valued at approximately $603,806.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Vertex Pharmaceuticals news, CEO Reshma Kewalramani sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $315.05, for a total value of $3,150,500.00. Following the completion of the sale, the chief executive officer now directly owns 89,598 shares in the company, valued at $28,227,849.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yuchun Lee sold 1,429 shares of the stock in a transaction on Friday, January 27th. The shares were sold at an average price of $322.03, for a total value of $460,180.87. Following the sale, the director now owns 1,875 shares of the company’s stock, valued at approximately $603,806.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,430 shares of company stock valued at $14,425,082. 0.40% of the stock is currently owned by insiders.

Vertex Pharmaceuticals Trading Up 0.9 %

NASDAQ:VRTX opened at $315.07 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.66 and a current ratio of 4.83. Vertex Pharmaceuticals Incorporated has a one year low of $233.01 and a one year high of $325.19. The business’s 50-day simple moving average is $300.74 and its 200 day simple moving average is $300.85. The stock has a market cap of $81.00 billion, a price-to-earnings ratio of 24.56, a price-to-earnings-growth ratio of 2.75 and a beta of 0.49.

Vertex Pharmaceuticals (NASDAQ:VRTX – Get Rating) last announced its quarterly earnings data on Tuesday, February 7th. The pharmaceutical company reported $3.76 earnings per share for the quarter, beating the consensus estimate of $3.11 by $0.65. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.30 billion. Vertex Pharmaceuticals had a return on equity of 27.78% and a net margin of 37.20%. Vertex Pharmaceuticals’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.18 earnings per share. As a group, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 12.36 earnings per share for the current fiscal year.

About Vertex Pharmaceuticals

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Vertex Pharmaceuticals, Inc is a global biotechnology company, which engages in the business of discovering, developing, manufacturing, and commercializing small molecule drugs for patients with serious diseases. The firm focuses on development and commercializing therapies for the treatment of cystic fibrosis, infectious diseases including viral infections such as influenza and bacterial infections, autoimmune diseases such as rheumatoid arthritis, cancer, inflammatory bowel disease and neurological disorders including pain and multiple sclerosis.

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Institutional Ownership by Quarter for Vertex Pharmaceuticals (NASDAQ:VRTX)

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