Institute for Wealth Management LLC. Trims Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Institute for Wealth Management LLC. decreased its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,614 shares of the pharmaceutical company’s stock after selling 25 shares during the period. Institute for Wealth Management LLC.’s holdings in Vertex Pharmaceuticals were worth $1,456,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in VRTX. Edgewood Management LLC grew its position in shares of Vertex Pharmaceuticals by 7,876.3% in the third quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock valued at $719,186,000 after purchasing an additional 1,526,983 shares during the period. Jennison Associates LLC grew its holdings in Vertex Pharmaceuticals by 18.1% in the 3rd quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock valued at $2,581,373,000 after buying an additional 851,054 shares during the period. Wellington Management Group LLP increased its stake in shares of Vertex Pharmaceuticals by 17.2% during the 3rd quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock valued at $2,231,858,000 after acquiring an additional 704,421 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Vertex Pharmaceuticals by 169.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 839,672 shares of the pharmaceutical company’s stock worth $338,136,000 after acquiring an additional 528,029 shares during the period. Finally, 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 acquiring an additional 324,188 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on VRTX shares. Needham & Company LLC reiterated a “hold” rating on shares of Vertex Pharmaceuticals in a report on Friday. Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Royal Bank of Canada raised their price objective on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 5th. Truist Financial decreased their target price on Vertex Pharmaceuticals from $550.00 to $460.00 and set a “buy” rating for the company in a report on Monday, December 23rd. Finally, BMO Capital Markets cut their price target on shares of Vertex Pharmaceuticals from $566.00 to $520.00 and set an “outperform” rating on the stock in a report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $494.76.

Vertex Pharmaceuticals Trading Down 0.7 %

NASDAQ:VRTX opened at $438.40 on Friday. The company has a market cap of $112.90 billion, a PE ratio of -220.30, a P/E/G ratio of 2.29 and a beta of 0.40. The business’s 50 day moving average is $434.56 and its two-hundred day moving average is $463.49. 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 Incorporated has a 52 week low of $377.85 and a 52 week high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.61 by $0.77. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $3.67 EPS. On average, analysts predict that Vertex Pharmaceuticals Incorporated will post -1.93 EPS for the current year.

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.