State of Michigan Retirement System Buys 400 Shares of Vertex Pharmaceuticals Incorporated $VRTX

State of Michigan Retirement System grew its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 0.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 72,523 shares of the pharmaceutical company’s stock after purchasing an additional 400 shares during the period. State of Michigan Retirement System’s holdings in Vertex Pharmaceuticals were worth $32,287,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VRTX. United Services Automobile Association bought a new position in shares of Vertex Pharmaceuticals in the first quarter valued at approximately $2,933,000. Lee Johnson Capital Management LLC bought a new position in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $721,000. SteelPeak Wealth LLC bought a new position in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $10,059,000. Moody Lynn & Lieberson LLC grew its holdings in shares of Vertex Pharmaceuticals by 1.4% in the second quarter. Moody Lynn & Lieberson LLC now owns 58,077 shares of the pharmaceutical company’s stock valued at $25,856,000 after acquiring an additional 822 shares in the last quarter. Finally, New England Research & Management Inc. bought a new position in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $472,000. 90.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

VRTX has been the subject of several recent analyst reports. Evercore ISI reduced their target price on Vertex Pharmaceuticals from $510.00 to $475.00 and set an “outperform” rating for the company in a report on Thursday, September 11th. Citigroup upped their price objective on Vertex Pharmaceuticals from $550.00 to $575.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Leerink Partners upgraded Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $458.00 to $456.00 in a research note on Thursday, September 25th. Royal Bank Of Canada dropped their price objective on Vertex Pharmaceuticals from $430.00 to $405.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 5th. Finally, Cantor Fitzgerald dropped their price objective on Vertex Pharmaceuticals from $535.00 to $485.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $492.10.

Insider Activity

In related news, Director Bruce I. Sachs bought 5,000 shares of the company’s stock in a transaction on Wednesday, August 6th. The shares were purchased at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the transaction, the director directly owned 45,000 shares in the company, valued at approximately $17,535,600. The trade was a 12.50% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Vertex Pharmaceuticals Price Performance

NASDAQ:VRTX opened at $425.57 on Friday. The company has a market cap of $109.11 billion, a P/E ratio of 30.42 and a beta of 0.43. The stock’s fifty day moving average price is $401.71 and its two-hundred day moving average price is $431.95. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.28. The firm had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($12.83) earnings per share. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. On average, analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal 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.