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

State of Michigan Retirement System increased its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 0.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,523 shares of the pharmaceutical company’s stock after acquiring an additional 400 shares during the period. State of Michigan Retirement System’s holdings in Vertex Pharmaceuticals were worth $32,287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of VRTX. Brighton Jones LLC grew its position in Vertex Pharmaceuticals by 15.0% during the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after acquiring an additional 579 shares during the last quarter. Conning Inc. lifted its holdings in Vertex Pharmaceuticals by 12.2% during the 1st quarter. Conning Inc. now owns 1,586 shares of the pharmaceutical company’s stock worth $769,000 after buying an additional 172 shares during the period. Avantax Planning Partners Inc. lifted its holdings in Vertex Pharmaceuticals by 18.9% during the 1st quarter. Avantax Planning Partners Inc. now owns 1,194 shares of the pharmaceutical company’s stock worth $579,000 after buying an additional 190 shares during the period. Strategic Blueprint LLC lifted its holdings in Vertex Pharmaceuticals by 1.7% during the 1st quarter. Strategic Blueprint LLC now owns 1,498 shares of the pharmaceutical company’s stock worth $726,000 after buying an additional 25 shares during the period. Finally, Impax Asset Management Group plc lifted its holdings in Vertex Pharmaceuticals by 1.1% during the 1st quarter. Impax Asset Management Group plc now owns 6,999 shares of the pharmaceutical company’s stock worth $3,393,000 after buying an additional 75 shares during the period. Institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $425.57 on Friday. The stock’s 50 day simple moving average is $401.71 and its 200 day simple moving average is $431.95. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.88. The company has a market cap of $109.11 billion, a P/E ratio of 30.42 and a beta of 0.43.

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

Wall Street Analyst Weigh In

Several research analysts have commented on VRTX shares. Morgan Stanley cut their target price on Vertex Pharmaceuticals from $439.00 to $438.00 and set an “equal weight” rating on the stock in a report on Friday, October 10th. Leerink Partnrs raised Vertex Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 25th. Scotiabank cut their target price on Vertex Pharmaceuticals from $442.00 to $438.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 5th. Canaccord Genuity Group cut their target price on Vertex Pharmaceuticals from $424.00 to $411.00 and set a “hold” rating on the stock in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald cut their target price on Vertex Pharmaceuticals from $535.00 to $485.00 and set an “overweight” rating on the stock in a report on Tuesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $492.10.

Insider Buying and Selling

In related news, Director Bruce I. Sachs acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was purchased at an average cost of $389.68 per share, with a total value of $1,948,400.00. Following the acquisition, the director owned 45,000 shares of the company’s stock, valued at approximately $17,535,600. This trade represents a 12.50% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

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.