Zurcher Kantonalbank Increases Investment in Vertex Pharmaceuticals

Zurcher Kantonalbank Zurich Cantonalbank has enhanced its investment in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 9.2% during the fourth quarter, as reported in its latest 13F filing with the Securities and Exchange Commission. Following this increase, the fund now holds a total of 349,477 shares in Vertex Pharmaceuticals after acquiring an additional 29,333 shares during the reported period. As of the most recent filing with the SEC, Zurcher Kantonalbank's stake is approximately 0.14% of Vertex Pharmaceuticals, valued at around $140.73 million.

Several other institutional and hedge funds have also adjusted their positions in Vertex Pharmaceuticals recently. For instance, Capital Performance Advisors LLP entered a new position valued at $39,000 in the third quarter. CWA Asset Management Group LLC also purchased a new stake worth about $2.93 million during the same period. Additionally, Equitable Trust Co. bought shares in Vertex Pharmaceuticals for approximately $244,000. SpiderRock Advisors LLC increased its holdings by 57.2% during the third quarter, now owning 2,898 shares valued at $1.35 million after purchasing an extra 1,055 shares. Similarly, Objective Capital Management LLC acquired a new position worth around $254,000. Overall, about 90.96% of Vertex Pharmaceuticals' stock is held by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Overview

The stock of Vertex Pharmaceuticals opened at $488.29 on Monday. The company demonstrates a current ratio of 2.69 and a quick ratio of 2.35, while its debt-to-equity ratio stands at 0.01. Vertex has reported a 12-month low of $377.85 and a high of $519.88. The 50-day moving average for its shares is $448.27, contrasted with a 200-day moving average of $461.15. Vertex Pharmaceuticals boasts a market capitalization of $125.39 billion, a price-to-earnings (P/E) ratio of -221.95, a P/E to growth (P/E/G) ratio of 2.11, and a beta of 0.41.

Recent Earnings Results

Vertex Pharmaceuticals last announced its earnings results on February 10, indicating earnings per share (EPS) of $3.54 for the quarter. This figure fell short of the analysts' consensus estimate of $3.99 by $0.45. The company has a negative return on equity of 2.02% and a net margin of -4.86%. Analysts generally project that Vertex will report an EPS of 15.63 for the current year.

Analyst Ratings and Predictions

Recently, various brokerages have provided updates regarding Vertex Pharmaceuticals. Royal Bank of Canada raised its price target from $407.00 to $408.00, maintaining a "sector perform" rating. Jefferies Financial Group upgraded its rating from "hold" to "buy," increasing their price target from $500.00 to $550.00. Cantor Fitzgerald reaffirmed an "overweight" rating with a target price set at $480.00, while Truist Financial increased their price estimate from $460.00 to $520.00, also giving Vertex a "buy" rating. In contrast, StockNews.com changed its rating from "buy" to "hold". Presently, eleven analysts have given the stock a hold rating, fifteen have issued a buy rating, and one a strong buy rating. MarketBeat.com reports an average rating of "Moderate Buy" for Vertex Pharmaceuticals, with a consensus price target of $506.70.

Insider Trading Activity

In related insider news, EVP Ourania Tatsis sold 244 shares of Vertex Pharmaceuticals on February 18 at an average price of $455.06, resulting in a total transaction amounting to $111,034.64. Following this transaction, the executive now directly owns 67,695 shares, valued at roughly $30.81 million. This represents a 0.36% decline in her ownership. Over the last quarter, insiders sold 1,084 shares with a total value of $505,512, and insiders collectively hold about 0.20% of the shares in the company.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated is a biotechnology firm focused on developing and marketing treatments for cystic fibrosis (CF). Among its products are TRIKAFTA/KAFTRIO for CF patients aged two years and older with at least one F508del mutation, SYMDEKO/SYMKEVI for those aged six and older, ORKAMBI for patients aged one or older, and KALYDECO for patients aged one or older with CF whose condition can be treated with ivacaftor.

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