Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by Summit Global Investments

Summit Global Investments cut its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 14.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,977 shares of the pharmaceutical company’s stock after selling 813 shares during the period. Summit Global Investments’ holdings in Vertex Pharmaceuticals were worth $2,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of Vertex Pharmaceuticals by 0.8% in the third quarter. State Street Corp now owns 11,816,249 shares of the pharmaceutical company’s stock worth $5,495,501,000 after acquiring an additional 90,173 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Vertex Pharmaceuticals by 17.2% in the third quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock worth $2,231,858,000 after acquiring an additional 704,421 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Vertex Pharmaceuticals by 4.1% in the third quarter. Janus Henderson Group PLC now owns 2,516,831 shares of the pharmaceutical company’s stock worth $1,170,506,000 after acquiring an additional 100,114 shares during the last quarter. Parnassus Investments LLC acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth approximately $731,283,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Vertex Pharmaceuticals by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,663,849 shares of the pharmaceutical company’s stock worth $670,032,000 after acquiring an additional 37,502 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 244 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $455.06, for a total value of $111,034.64. Following the completion of the sale, the executive vice president now directly owns 67,695 shares of the company’s stock, valued at approximately $30,805,286.70. This represents a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Altshuler sold 3,231 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the completion of the sale, the executive vice president now directly owns 26,512 shares of the company’s stock, valued at $13,256,000. The trade was a 10.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,315 shares of company stock valued at $2,121,012 over the last ninety days. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $503.20 on Friday. Vertex Pharmaceuticals Incorporated has a 12 month low of $377.85 and a 12 month high of $519.88. The company has a market cap of $129.22 billion, a P/E ratio of -228.73, a PEG ratio of 2.11 and a beta of 0.41. The company has a current ratio of 2.69, a quick ratio of 2.35 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average price of $467.89 and a 200 day moving average price of $462.60.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 earnings per share for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative net margin of 4.86% and a negative return on equity of 2.02%. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VRTX. StockNews.com raised Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Stifel Nicolaus lifted their price objective on Vertex Pharmaceuticals from $490.00 to $494.00 and gave the stock a “hold” rating in a research report on Monday, December 16th. Morgan Stanley lifted their price objective on Vertex Pharmaceuticals from $450.00 to $459.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 11th. Piper Sandler decreased their price target on Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating on the stock in a research note on Monday, January 27th. Finally, Bank of America lowered their price objective on shares of Vertex Pharmaceuticals from $545.00 to $522.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Ten research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $506.70.

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.