Beacon Investment Advisory Services Inc. Reduces Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Beacon Investment Advisory Services Inc. reduced its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 0.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,171 shares of the pharmaceutical company’s stock after selling 61 shares during the period. Vertex Pharmaceuticals comprises 1.5% of Beacon Investment Advisory Services Inc.’s portfolio, making the stock its 20th largest holding. Beacon Investment Advisory Services Inc.’s holdings in Vertex Pharmaceuticals were worth $36,821,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in VRTX. Edgewood Management LLC raised its holdings in Vertex Pharmaceuticals by 7,876.3% in the 3rd quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock worth $719,186,000 after purchasing an additional 1,526,983 shares during the period. Jennison Associates LLC increased its position in Vertex Pharmaceuticals by 18.1% in the third quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock worth $2,581,373,000 after buying an additional 851,054 shares in the last quarter. AMF Tjanstepension AB bought a new stake in Vertex Pharmaceuticals during the 2nd quarter worth approximately $257,655,000. International Assets Investment Management LLC boosted its position in shares of Vertex Pharmaceuticals by 74,015.5% in the third quarter. International Assets Investment Management LLC now owns 324,626 shares of the pharmaceutical company’s stock worth $150,977,000 after purchasing an additional 324,188 shares during the period. Finally, AustralianSuper Pty Ltd purchased a new stake in shares of Vertex Pharmaceuticals in the third quarter worth $105,282,000. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $468.13 on Monday. Vertex Pharmaceuticals Incorporated has a twelve month low of $347.51 and a twelve month high of $519.88. The firm has a market cap of $120.56 billion, a price-to-earnings ratio of -235.24 and a beta of 0.39. The business’s fifty day simple moving average is $472.87 and its two-hundred day simple moving average is $475.06. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $3.67 EPS. Analysts predict that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on VRTX. StockNews.com downgraded shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 21st. Barclays downgraded Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $472.00 to $509.00 in a research note on Monday, August 5th. Raymond James reaffirmed a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Scotiabank boosted their target price on shares of Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 5th. Finally, Bank of America cut their target price on shares of Vertex Pharmaceuticals from $550.00 to $541.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $504.38.

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.