KLP Kapitalforvaltning AS Makes $35.01 Million Investment in Vertex Pharmaceuticals

KLP Kapitalforvaltning AS has made a significant investment by acquiring a new position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the fourth quarter. According to its latest 13F filing with the SEC, KLP Kapitalforvaltning AS purchased 86,941 shares of the pharmaceutical company, with a total value of approximately $35,011,000.

In addition to KLP, several other institutional investors and hedge funds have adjusted their holdings in Vertex Pharmaceuticals recently. For instance, State Street Corporation increased its stake by 0.8% in the third quarter, bringing its total ownership to 11,816,249 shares valued at about $5,495,501,000 after buying an additional 90,173 shares. Similarly, Wellington Management Group LLP raised its holdings by 17.2% during the same period, now holding 4,798,870 shares worth approximately $2,231,858,000 after acquiring 704,421 additional shares. Janus Henderson Group PLC also increased its stake by 4.1%, owning 2,516,831 shares valued at $1,170,506,000 following a purchase of 100,114 shares.

Parnassus Investments LLC entered the scene by purchasing a new position in Vertex Pharmaceuticals in the fourth quarter, valued at $731,283,000. Furthermore, Charles Schwab Investment Management Inc. increased its holdings by 2.3%, resulting in a total of 1,663,849 shares valued at around $670,032,000 after adding 37,502 shares. Currently, institutional investors own 90.96% of the stock.

Recent Analyst Ratings

Recent analyst reports concerning Vertex Pharmaceuticals have noted various target price adjustments. Scotiabank raised its target price from $433.00 to $450.00 and maintained a "sector perform" rating. Meanwhile, HC Wainwright reaffirmed a "buy" rating, setting a price target at $550.00. Conversely, Wells Fargo & Company downgraded Vertex Pharmaceuticals from an "overweight" rating to "equal weight," with a targeted price of $460.00. Canaccord Genuity Group changed its rating from "sell" to "hold" and increased its price target to $424.00. Additionally, Oppenheimer downgraded Vertex from "outperform" to "market perform." Overall, analysts have given Vertex Pharmaceuticals a consensus rating of "Moderate Buy" with an average price target of $506.70.

Insider Trading Activity

In other news, some executives have made noteworthy trades. EVP David Altshuler sold 3,231 shares of Vertex Pharmaceuticals stock on March 10, receiving an average price of $500.00 per share, totaling $1,615,500. Following this transaction, he holds 26,512 shares valued at approximately $13,256,000. This transaction indicates a 10.86% reduction in his position. Another EVP, Ourania Tatsis, sold 244 shares on February 18 for an average price of $455.06, totaling about $111,034.64. After this sale, she owns 67,695 shares, valued around $30,805,286.70, representing a slight 0.36% reduction in her holdings. In the last quarter, insiders sold a total of 4,315 shares worth $2,121,012, and currently hold 0.20% of the company’s stock.

Current Trading Status for Vertex Pharmaceuticals

Shares of Vertex Pharmaceuticals opened at $503.20 recently. The company's stock has shown fluctuations, with a 50-day moving average price of $467.89 and a 200-day moving average price of $462.60. Vertex has a one-year low of $377.85 and a high of $519.88, boasting a market capitalization of $129.22 billion. Its PE ratio stands at -228.73, and the P/E/G ratio is 2.11, with a beta of 0.41. The company maintains a low debt-to-equity ratio of 0.01, alongside a current ratio of 2.69 and a quick ratio of 2.35.

Recently, Vertex Pharmaceuticals announced quarterly earnings on February 10, reporting an earnings per share of $3.54, which fell short of the consensus estimate of $3.99 by $0.45. The company had a negative return on equity of 2.02% and a negative net margin of 4.86%. Analysts predict that Vertex Pharmaceuticals will post an EPS of 15.63 for the current year.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Incorporated is a biotechnology company focused on developing and commercializing therapies for cystic fibrosis (CF). The company offers treatments like TRIKAFTA/KAFTRIO for individuals with at least one F508del mutation, SYMDEKO/SYMKEVI for those aged six and older, ORKAMBI for those aged one and older, and KALYDECO for patients aged one and older with specific mutations.

Investment, Pharmaceuticals, Stocks