Kelly Lawrence W & Associates Inc. CA cut its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 7.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,038 shares of the pharmaceutical company’s stock after selling 735 shares during the period. Kelly Lawrence W & Associates Inc. CA’s holdings in Vertex Pharmaceuticals were worth $1,657,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of VRTX. FMR LLC increased its holdings in shares of Vertex Pharmaceuticals by 19.3% during the 1st quarter. FMR LLC now owns 24,434,159 shares of the pharmaceutical company’s stock valued at $4,494,663,000 after acquiring an additional 3,951,050 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Vertex Pharmaceuticals by 2.9% during the 1st quarter. BlackRock Inc. now owns 20,176,298 shares of the pharmaceutical company’s stock valued at $3,711,428,000 after acquiring an additional 568,488 shares during the last quarter. GQG Partners LLC acquired a new position in shares of Vertex Pharmaceuticals during the 1st quarter valued at about $94,444,000. Renaissance Technologies LLC increased its holdings in shares of Vertex Pharmaceuticals by 9.4% during the 2nd quarter. Renaissance Technologies LLC now owns 5,555,817 shares of the pharmaceutical company’s stock valued at $1,018,826,000 after acquiring an additional 477,100 shares during the last quarter. Finally, Senator Investment Group LP acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $82,521,000. 94.81% of the stock is owned by institutional investors.
In other news, EVP Michael Parini sold 2,125 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $175.27, for a total transaction of $372,448.75. Following the sale, the executive vice president now owns 37,128 shares of the company’s stock, valued at approximately $6,507,424.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stuart A. Arbuckle sold 2,155 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $177.78, for a total value of $383,115.90. Following the sale, the executive vice president now directly owns 34,395 shares in the company, valued at approximately $6,114,743.10. The disclosure for this sale can be found here. Insiders have sold a total of 35,486 shares of company stock worth $6,491,637 in the last three months. 0.70% of the stock is owned by insiders.
A number of research analysts have recently commented on the company. ValuEngine lowered Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, September 10th. Citigroup reissued a “buy” rating and set a $205.00 price objective on shares of Vertex Pharmaceuticals in a report on Thursday, May 23rd. Royal Bank of Canada set a $213.00 price objective on Vertex Pharmaceuticals and gave the company a “buy” rating in a report on Monday, August 12th. Credit Suisse Group increased their price objective on Vertex Pharmaceuticals from $209.00 to $213.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Finally, HC Wainwright reissued a “buy” rating and set a $220.00 price objective on shares of Vertex Pharmaceuticals in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the stock. Vertex Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $210.68.
VRTX traded down $1.20 during midday trading on Wednesday, reaching $174.80. The company’s stock had a trading volume of 33,571 shares, compared to its average volume of 998,918. The stock has a market cap of $44.97 billion, a P/E ratio of 61.49, a PEG ratio of 2.28 and a beta of 1.37. The company has a fifty day simple moving average of $178.98 and a 200 day simple moving average of $177.51. The company has a current ratio of 3.74, a quick ratio of 3.63 and a debt-to-equity ratio of 0.12. Vertex Pharmaceuticals Incorporated has a twelve month low of $151.80 and a twelve month high of $195.81.
Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Wednesday, July 31st. The pharmaceutical company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.24. The firm had revenue of $941.29 million for the quarter, compared to analyst estimates of $884.66 million. Vertex Pharmaceuticals had a return on equity of 21.73% and a net margin of 64.13%. The company’s revenue was up 25.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.94 EPS. Sell-side analysts expect that Vertex Pharmaceuticals Incorporated will post 3.41 earnings per share for the current year.
Vertex Pharmaceuticals announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the pharmaceutical company to buy up to 1.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
About Vertex Pharmaceuticals
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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