Allspring Global Investments Holdings LLC Grows Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Allspring Global Investments Holdings LLC raised its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 8.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 231,456 shares of the pharmaceutical company’s stock after buying an additional 18,113 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Vertex Pharmaceuticals were worth $96,751,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter worth $25,000. Annapolis Financial Services LLC purchased a new position in Vertex Pharmaceuticals in the first quarter valued at $27,000. Arlington Trust Co LLC boosted its holdings in Vertex Pharmaceuticals by 97.1% in the fourth quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 33 shares during the period. ICA Group Wealth Management LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter valued at $28,000. Finally, Fortitude Family Office LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter valued at $30,000. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on VRTX shares. Argus lifted their target price on Vertex Pharmaceuticals from $465.00 to $550.00 and gave the company a “buy” rating in a report on Monday, June 17th. Evercore ISI upgraded Vertex Pharmaceuticals from an “in-line” rating to an “outperform” rating and set a $438.00 target price for the company in a report on Thursday, April 11th. Piper Sandler lifted their target price on Vertex Pharmaceuticals from $450.00 to $456.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. HC Wainwright restated a “buy” rating and issued a $462.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 7th. Finally, Royal Bank of Canada cut their price target on Vertex Pharmaceuticals from $424.00 to $421.00 and set a “sector perform” rating on the stock in a research note on Tuesday, June 11th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $448.61.

Vertex Pharmaceuticals Stock Up 0.5 %

VRTX opened at $473.78 on Wednesday. The stock has a market capitalization of $122.26 billion, a P/E ratio of 30.74, a price-to-earnings-growth ratio of 2.41 and a beta of 0.39. Vertex Pharmaceuticals Incorporated has a one year low of $335.82 and a one year high of $486.42. The business’s 50-day simple moving average is $446.31 and its 200-day simple moving average is $427.25. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.29 and a current ratio of 3.50.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.66 by $1.10. The firm had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Vertex Pharmaceuticals had a return on equity of 23.08% and a net margin of 39.46%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.67 EPS. Analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.22 EPS for the current year.

Insider Activity at Vertex Pharmaceuticals

In related news, Director Bruce I. Sachs sold 7,073 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the transaction, the director now owns 40,000 shares in the company, valued at approximately $17,920,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 7,073 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the sale, the director now owns 40,000 shares of the company’s stock, valued at approximately $17,920,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Reshma Kewalramani sold 1,565 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $457.00, for a total value of $715,205.00. Following the completion of the sale, the chief executive officer now directly owns 121,374 shares in the company, valued at approximately $55,467,918. The disclosure for this sale can be found here. Insiders have sold 28,366 shares of company stock worth $13,058,787 in the last quarter. Company insiders own 0.20% of the company’s stock.

About Vertex Pharmaceuticals

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.