Nippon Life Global Investors Americas Inc. Invests $18.99 Million in Vertex Pharmaceuticals Incorporated $VRTX

Nippon Life Global Investors Americas Inc. acquired a new stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 38,230 shares of the pharmaceutical company’s stock, valued at approximately $18,990,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in Vertex Pharmaceuticals during the fourth quarter worth $1,440,149,000. Bank of New York Mellon Corp acquired a new stake in Vertex Pharmaceuticals in the second quarter valued at $830,842,000. Victory Capital Management Inc. grew its position in shares of Vertex Pharmaceuticals by 49.4% in the 4th quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company’s stock valued at $1,521,851,000 after acquiring an additional 1,109,200 shares during the period. Capital Research Global Investors grew its position in shares of Vertex Pharmaceuticals by 4.6% in the 4th quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company’s stock valued at $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 during the 4th quarter worth about $166,317,000. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Price Performance

Shares of VRTX opened at $505.75 on Monday. The company’s 50-day moving average is $483.26 and its 200-day moving average is $463.67. The firm has a market capitalization of $128.36 billion, a PE ratio of 29.44, a PEG ratio of 2.09 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $374.17 and a fifty-two week high of $546.17.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Vertex Pharmaceuticals from $543.00 to $570.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Cantor Fitzgerald boosted their price target on Vertex Pharmaceuticals from $590.00 to $595.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Wall Street Zen lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. Barclays raised their price objective on Vertex Pharmaceuticals from $615.00 to $617.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, Morgan Stanley lifted their target price on Vertex Pharmaceuticals from $612.00 to $616.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $563.50.

Insider Transactions at Vertex Pharmaceuticals

In other news, EVP Duncan Mckechnie sold 1,541 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $519.00, for a total value of $799,779.00. Following the transaction, the executive vice president owned 11,001 shares of the company’s stock, valued at approximately $5,709,519. This represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Carmen Bozic sold 596 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $482.50, for a total value of $287,570.00. Following the transaction, the chief marketing officer owned 15,337 shares in the company, valued at approximately $7,400,102.50. This trade represents a 3.74% decrease in their position. 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 sold a total of 10,464 shares of company stock worth $4,959,397 over the last quarter. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals 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.