Zurich Insurance Group Ltd FI Makes New $42.80 Million Investment in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Zurich Insurance Group Ltd FI bought a new position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 91,318 shares of the pharmaceutical company's stock, valued at approximately $42,803,000.

Other institutional investors have also made changes to their positions in the company. Brookstone Capital Management raised its holdings in shares of Vertex Pharmaceuticals by 11.1% in the 1st quarter. Brookstone Capital Management now owns 2,368 shares of the pharmaceutical company's stock valued at $990,000 after purchasing an additional 237 shares in the last quarter. Brevan Howard Capital Management LP lifted its stake in Vertex Pharmaceuticals by 216.3% during the fourth quarter. Brevan Howard Capital Management LP now owns 4,830 shares of the pharmaceutical company's stock worth $1,965,000 after purchasing an additional 3,303 shares during the last quarter. Greenwood Capital Associates LLC raised its holdings in Vertex Pharmaceuticals by 11.3% during the fourth quarter. Greenwood Capital Associates LLC now owns 25,345 shares of the pharmaceutical company's stock worth $10,313,000 after purchasing an additional 2,576 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services purchased a new stake in shares of Vertex Pharmaceuticals during the 1st quarter worth approximately $2,763,000. Finally, Blue Trust Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 640.0% in the 2nd quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company's stock valued at $676,000 after buying an additional 1,248 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, CMO Carmen Bozic sold 2,280 shares of the firm's stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $487.34, for a total transaction of $1,111,135.20. Following the completion of the sale, the chief marketing officer now directly owns 27,819 shares in the company, valued at approximately $13,557,311.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Vertex Pharmaceuticals news, CEO Reshma Kewalramani sold 15,202 shares of the business's stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $497.00, for a total value of $7,555,394.00. Following the completion of the sale, the chief executive officer now directly owns 106,172 shares of the company's stock, valued at $52,767,484. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $487.34, for a total transaction of $1,111,135.20. Following the completion of the sale, the chief marketing officer now directly owns 27,819 shares of the company's stock, valued at approximately $13,557,311.46. The disclosure for this sale can be found here. Insiders sold a total of 31,767 shares of company stock valued at $15,768,284 over the last quarter. Company insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VRTX. Guggenheim boosted their target price on Vertex Pharmaceuticals from $450.00 to $558.00 and gave the company a "buy" rating in a report on Friday, August 2nd. Truist Financial restated a "buy" rating and set a $550.00 target price (up from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $480.00 price target on shares of Vertex Pharmaceuticals in a research report on Friday, August 2nd. Oppenheimer raised their price target on Vertex Pharmaceuticals from $500.00 to $550.00 and gave the stock an "outperform" rating in a report on Monday, August 5th. Finally, HC Wainwright upped their price objective on Vertex Pharmaceuticals from $500.00 to $600.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals has an average rating of "Hold" and a consensus target price of $486.36.

Vertex Pharmaceuticals Price Performance

VRTX traded down $1.23 on Wednesday, reaching $461.76. The company had a trading volume of 774,230 shares, compared to its average volume of 1,191,317. Vertex Pharmaceuticals Incorporated has a one year low of $341.85 and a one year high of $510.64. The company has a market capitalization of $119.18 billion, a P/E ratio of 29.89 and a beta of 0.40. The company has a fifty day moving average of $481.53 and a 200-day moving average of $453.10. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 0.02.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) EPS for the quarter, missing the consensus estimate of ($12.54) by ($0.29). The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.66 billion. Vertex Pharmaceuticals had a negative net margin of 4.74% and a negative return on equity of 2.45%. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the company earned $3.53 earnings per share. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post -2.14 earnings per share for the current year.

Vertex Pharmaceuticals Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.