Varma Mutual Pension Insurance Co Invests $20.28 Million in Vertex Pharmaceuticals Incorporated $VRTX

Varma Mutual Pension Insurance Co purchased a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 40,826 shares of the pharmaceutical company’s stock, valued at approximately $20,279,000.

Other institutional investors have also added to or reduced their stakes in the company. Community Financial Services Group LLC purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $26,000. Meeder Asset Management Inc. bought a new position in shares of Vertex Pharmaceuticals in the 2nd quarter worth $26,000. Motiv8 Investments LLC bought a new position in shares of Vertex Pharmaceuticals in the 4th quarter worth $26,000. Elevation Wealth Partners LLC raised its position in shares of Vertex Pharmaceuticals by 103.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 55 shares of the pharmaceutical company’s stock valued at $27,000 after buying an additional 28 shares in the last quarter. Finally, Swiss RE Ltd. bought a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $548.05 on Friday. Vertex Pharmaceuticals Incorporated has a 52-week low of $374.17 and a 52-week high of $555.32. The company has a fifty day moving average of $492.65 and a 200-day moving average of $465.92. The stock has a market capitalization of $139.10 billion, a price-to-earnings ratio of 31.90, a price-to-earnings-growth ratio of 2.27 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued 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). The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Vertex Pharmaceuticals had a return on equity of 23.09% and a net margin of 35.00%.Vertex Pharmaceuticals’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.52 EPS. On average, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 16.86 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Carmen Bozic sold 4,062 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $450.00, for a total transaction of $1,827,900.00. Following the completion of the sale, the chief marketing officer directly owned 16,953 shares in the company, valued at $7,628,850. This represents a 19.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Ourania Tatsis sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $524.99, for a total value of $787,485.00. Following the transaction, the executive vice president owned 45,321 shares in the company, valued at approximately $23,793,071.79. The trade was a 3.20% 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. Over the last three months, insiders have sold 10,464 shares of company stock valued at $4,959,397. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Truist Financial upped their target price on shares of Vertex Pharmaceuticals from $560.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Royal Bank Of Canada raised their price target on Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Stifel Nicolaus set a $500.00 price target on Vertex Pharmaceuticals in a research note on Tuesday, August 4th. Sanford C. Bernstein upgraded Vertex Pharmaceuticals to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, Canaccord Genuity Group increased their price objective on Vertex Pharmaceuticals from $436.00 to $442.00 and gave the company a “hold” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $563.50.

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.