Meiji Yasuda Life Insurance Co Reduces Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Meiji Yasuda Life Insurance Co cut its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 8.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,377 shares of the pharmaceutical company’s stock after selling 2,204 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Vertex Pharmaceuticals were worth $10,219,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Westbourne Investments Inc. purchased a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $1,331,000. Voleon Capital Management LP purchased a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $5,327,000. PDT Partners LLC purchased a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $3,948,000. Northern Trust Corp increased its stake in shares of Vertex Pharmaceuticals by 15.0% during the 4th quarter. Northern Trust Corp now owns 2,721,049 shares of the pharmaceutical company’s stock worth $1,095,766,000 after purchasing an additional 355,057 shares in the last quarter. Finally, Shorepoint Capital Partners LLC increased its stake in shares of Vertex Pharmaceuticals by 2.9% during the 4th quarter. Shorepoint Capital Partners LLC now owns 9,810 shares of the pharmaceutical company’s stock worth $3,950,000 after purchasing an additional 280 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Price Performance

Shares of NASDAQ VRTX opened at $498.86 on Friday. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $377.85 and a fifty-two week high of $519.88. The business has a 50 day moving average price of $491.59 and a two-hundred day moving average price of $467.04. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01. The firm has a market cap of $128.25 billion, a PE ratio of -226.75, a price-to-earnings-growth ratio of 2.11 and a beta of 0.50.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data 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 expect that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP David Altshuler sold 3,231 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the transaction, the executive vice president now owns 26,512 shares of the company’s stock, valued at $13,256,000. This trade represents a 10.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ourania Tatsis sold 244 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $455.06, for a total value of $111,034.64. Following the transaction, the executive vice president now directly owns 67,695 shares in the company, valued at approximately $30,805,286.70. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,315 shares of company stock worth $2,121,012 in the last 90 days. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on VRTX. Scotiabank boosted their price target on Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. Canaccord Genuity Group upgraded Vertex Pharmaceuticals from a “sell” rating to a “hold” rating and increased their target price for the stock from $408.00 to $424.00 in a research report on Tuesday, February 11th. Piper Sandler reduced their target price on Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating on the stock in a research report on Monday, January 27th. Needham & Company LLC reiterated a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, February 11th. Finally, BMO Capital Markets set a $545.00 target price on Vertex Pharmaceuticals in a research report on Friday, January 31st. Ten equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $514.91.

Vertex Pharmaceuticals Company Profile

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.