New York State Common Retirement Fund cut its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 797,980 shares of the pharmaceutical company’s stock after selling 42,351 shares during the quarter. New York State Common Retirement Fund owned approximately 0.31% of Vertex Pharmaceuticals worth $130,055,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in VRTX. Advisory Services Network LLC lifted its stake in shares of Vertex Pharmaceuticals by 337.6% in the 4th quarter. Advisory Services Network LLC now owns 792 shares of the pharmaceutical company’s stock valued at $119,000 after purchasing an additional 611 shares during the period. Signaturefd LLC acquired a new position in shares of Vertex Pharmaceuticals in the 1st quarter valued at about $131,000. Whittier Trust Co. lifted its stake in shares of Vertex Pharmaceuticals by 153.5% in the 4th quarter. Whittier Trust Co. now owns 991 shares of the pharmaceutical company’s stock valued at $149,000 after purchasing an additional 600 shares during the period. SeaCrest Wealth Management LLC acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $184,000. Finally, NuWave Investment Management LLC lifted its stake in shares of Vertex Pharmaceuticals by 1,826.7% in the 1st quarter. NuWave Investment Management LLC now owns 1,156 shares of the pharmaceutical company’s stock valued at $184,000 after purchasing an additional 1,096 shares during the period. 93.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on VRTX. BidaskClub raised Vertex Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 16th. Cowen reaffirmed a “buy” rating and issued a $200.00 target price on shares of Vertex Pharmaceuticals in a research report on Friday, April 27th. Morgan Stanley boosted their target price on Vertex Pharmaceuticals from $200.00 to $207.00 and gave the company an “overweight” rating in a research report on Friday, April 27th. Maxim Group reaffirmed a “buy” rating and issued a $200.00 target price on shares of Vertex Pharmaceuticals in a research report on Friday, April 27th. Finally, Zacks Investment Research raised Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Friday, April 20th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $184.54.
Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Thursday, April 26th. The pharmaceutical company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.13. The firm had revenue of $641.00 million during the quarter, compared to analyst estimates of $626.05 million. Vertex Pharmaceuticals had a return on equity of 15.28% and a net margin of 9.36%. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. analysts expect that Vertex Pharmaceuticals Incorporated will post 1.95 EPS for the current year.
Vertex Pharmaceuticals declared that its board has initiated a stock repurchase plan on Wednesday, January 31st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the pharmaceutical company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP Amit Sachdev sold 13,750 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $175.00, for a total value of $2,406,250.00. Following the completion of the transaction, the executive vice president now directly owns 60,412 shares of the company’s stock, valued at $10,572,100. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Paul M. Silva sold 201 shares of the company’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $155.78, for a total value of $31,311.78. Following the completion of the transaction, the senior vice president now directly owns 16,087 shares of the company’s stock, valued at $2,506,032.86. The disclosure for this sale can be found here. Insiders have sold a total of 169,470 shares of company stock valued at $27,276,144 over the last three months. Corporate insiders own 1.80% of the company’s stock.
Vertex Pharmaceuticals Profile
Vertex Pharmaceuticals Incorporated, a biotechnology company, develops medicines for serious diseases. The company focuses on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs. It markets ORKAMBI (lumacaftor in combination with ivacaftor) to treat patients with CF 12 years of age and older who are homozygous for the F508del mutation in their cystic fibrosis transmembrane conductance regulator (CFTR) gene; KALYDECO (ivacaftor) for the treatment of patients with CF who have specific mutations in their CFTR gene, including the G551D mutation; and SYMDEKO (tezacaftor in combination with ivacaftor) to treat patients with CF 12 years of age and older who are F508del homozygous or who have 1 mutation that is responsive to tezacaftor/ivacaftor.
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