Principal Financial Group Inc. Acquires 21,649 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Principal Financial Group Inc. raised its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 410,359 shares of the pharmaceutical company’s stock after acquiring an additional 21,649 shares during the quarter. Principal Financial Group Inc. owned about 0.16% of Vertex Pharmaceuticals worth $190,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in Vertex Pharmaceuticals during the 3rd quarter worth about $25,000. Highline Wealth Partners LLC bought a new position in shares of Vertex Pharmaceuticals in the third quarter valued at approximately $27,000. GHP Investment Advisors Inc. bought a new position in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $29,000. Stephens Consulting LLC purchased a new position in Vertex Pharmaceuticals during the second quarter valued at approximately $31,000. Finally, Founders Capital Management lifted its stake in Vertex Pharmaceuticals by 50.0% in the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after purchasing an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on VRTX. Bank of America decreased their price target on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Guggenheim upped their target price on Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. HC Wainwright reiterated a “buy” rating and set a $600.00 price target on shares of Vertex Pharmaceuticals in a research report on Monday, October 21st. Oppenheimer decreased their price objective on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Canaccord Genuity Group lifted their target price on shares of Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a “sell” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $495.96.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the completion of the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the transaction, the director now directly owns 4,435 shares in the company, valued at $2,217,500. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the sale, the chairman now directly owns 9,994 shares in the company, valued at $4,987,006. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Trading Up 1.8 %

Shares of Vertex Pharmaceuticals stock opened at $502.45 on Friday. The company’s fifty day simple moving average is $474.81 and its two-hundred day simple moving average is $466.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.26. Vertex Pharmaceuticals Incorporated has a 12-month low of $341.90 and a 12-month high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.67 EPS. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post -2.04 EPS for the current year.

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.