Parallel Advisors LLC lessened its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 6.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 936 shares of the pharmaceutical company’s stock after selling 63 shares during the quarter. Parallel Advisors LLC’s holdings in Vertex Pharmaceuticals were worth $172,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Next Capital Management LLC lifted its position in Vertex Pharmaceuticals by 84.4% in the 2nd quarter. Next Capital Management LLC now owns 166 shares of the pharmaceutical company’s stock valued at $30,000 after acquiring an additional 76 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Vertex Pharmaceuticals in the 2nd quarter valued at about $32,000. FTB Advisors Inc. lifted its position in shares of Vertex Pharmaceuticals by 1,618.2% during the 1st quarter. FTB Advisors Inc. now owns 189 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 178 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in shares of Vertex Pharmaceuticals by 64.7% during the 1st quarter. Pittenger & Anderson Inc. now owns 191 shares of the pharmaceutical company’s stock worth $35,000 after buying an additional 75 shares in the last quarter. Finally, Thor Advisors LLC bought a new position in shares of Vertex Pharmaceuticals during the 1st quarter worth approximately $37,000. 94.00% of the stock is currently owned by institutional investors.
In related news, CEO Jeffrey M. Leiden sold 56,030 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $175.39, for a total value of $9,827,101.70. Following the completion of the transaction, the chief executive officer now directly owns 162,317 shares in the company, valued at approximately $28,468,778.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David Altshuler sold 12,501 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $186.38, for a total transaction of $2,329,936.38. Following the completion of the transaction, the executive vice president now owns 35,803 shares of the company’s stock, valued at $6,672,963.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,361 shares of company stock valued at $16,825,553. 0.70% of the stock is currently owned by company insiders.
VRTX has been the topic of several recent analyst reports. BidaskClub raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday. Credit Suisse Group lifted their target price on shares of Vertex Pharmaceuticals from $209.00 to $213.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Piper Jaffray Companies lifted their target price on shares of Vertex Pharmaceuticals from $217.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Stifel Nicolaus lifted their target price on shares of Vertex Pharmaceuticals from $205.00 to $211.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Goldman Sachs Group reissued a “buy” rating and set a $220.00 target price on shares of Vertex Pharmaceuticals in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $206.95.
Shares of VRTX stock opened at $180.18 on Friday. The company has a 50 day moving average of $177.43 and a 200-day moving average of $178.41. The company has a quick ratio of 3.63, a current ratio of 3.74 and a debt-to-equity ratio of 0.12. Vertex Pharmaceuticals Incorporated has a 12-month low of $151.80 and a 12-month high of $195.81. The firm has a market cap of $47.91 billion, a P/E ratio of 51.78, a PEG ratio of 2.43 and a beta of 1.40.
Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.24. Vertex Pharmaceuticals had a net margin of 64.13% and a return on equity of 21.73%. The company had revenue of $941.29 million during the quarter, compared to analyst estimates of $884.66 million. During the same quarter last year, the business posted $0.94 EPS. Vertex Pharmaceuticals’s quarterly revenue was up 25.1% compared to the same quarter last year. As a group, equities analysts expect that Vertex Pharmaceuticals Incorporated will post 3.41 EPS for the current year.
Vertex Pharmaceuticals declared that its board has authorized a share repurchase plan on Wednesday, July 31st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the pharmaceutical company to purchase up to 1.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
Vertex Pharmaceuticals Profile
Vertex Pharmaceuticals Incorporated engages in developing and commercializing therapies for treating cystic fibrosis. The company markets SYMDEKO/SYMKEVI, ORKAMBI, and KALYDECO to treat patients with cystic fibrosis who have specific mutations in their cystic fibrosis transmembrane conductance regulator gene.
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