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

Principal Financial Group Inc. increased its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 410,359 shares of the pharmaceutical company’s stock after buying an additional 21,649 shares during the quarter. Principal Financial Group Inc. owned 0.16% of Vertex Pharmaceuticals worth $190,850,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of VRTX. Groesbeck Investment Management Corp NJ increased its holdings in shares of Vertex Pharmaceuticals by 1.2% during the second quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock worth $841,000 after buying an additional 21 shares in the last quarter. Mutual Advisors LLC increased its holdings in Vertex Pharmaceuticals by 0.6% during the 3rd quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock valued at $1,751,000 after purchasing an additional 21 shares in the last quarter. Institute for Wealth Management LLC. raised its position in Vertex Pharmaceuticals by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock valued at $1,681,000 after purchasing an additional 22 shares during the last quarter. Drive Wealth Management LLC boosted its stake in Vertex Pharmaceuticals by 2.0% in the second quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock worth $516,000 after purchasing an additional 22 shares in the last quarter. Finally, Daymark Wealth Partners LLC grew its holdings in shares of Vertex Pharmaceuticals by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 804 shares of the pharmaceutical company’s stock worth $374,000 after purchasing an additional 22 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $396.64 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.20 and a current ratio of 2.47. Vertex Pharmaceuticals Incorporated has a 52-week low of $377.85 and a 52-week high of $519.88. The business has a 50 day simple moving average of $472.10 and a 200 day simple moving average of $475.81. The stock has a market cap of $102.15 billion, a price-to-earnings ratio of -199.32 and a beta of 0.36.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the business posted $3.67 earnings per share. Analysts anticipate that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

VRTX has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their price target on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the company a “sector perform” rating in a report on Tuesday, November 5th. Bank of America dropped their target price on shares of Vertex Pharmaceuticals from $545.00 to $522.00 and set a “buy” rating for the company in a research note on Thursday. Jefferies Financial Group raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and increased their price target for the company from $500.00 to $550.00 in a research note on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday, November 5th. Finally, Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a research report on Thursday, October 10th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $505.00.

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.