Louisiana State Employees Retirement System Trims Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Louisiana State Employees Retirement System cut its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 4.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,700 shares of the pharmaceutical company’s stock after selling 1,500 shares during the period. Louisiana State Employees Retirement System’s holdings in Vertex Pharmaceuticals were worth $13,168,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Edgewood Management LLC grew its position in Vertex Pharmaceuticals by 7,876.3% during the third quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock worth $719,186,000 after buying an additional 1,526,983 shares in the last quarter. WCM Investment Management LLC bought a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $435,899,000. Jennison Associates LLC grew its holdings in shares of Vertex Pharmaceuticals by 18.1% during the third quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock worth $2,581,373,000 after purchasing an additional 851,054 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Vertex Pharmaceuticals by 17.2% in the third quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock worth $2,231,858,000 after purchasing an additional 704,421 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Vertex Pharmaceuticals by 169.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 839,672 shares of the pharmaceutical company’s stock valued at $338,136,000 after purchasing an additional 528,029 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $455.22 on Wednesday. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $377.85 and a fifty-two week high of $519.88. The stock has a 50 day simple moving average of $435.95 and a two-hundred day simple moving average of $462.13.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing analysts’ consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. Research analysts forecast that Vertex Pharmaceuticals Incorporated will post -1.94 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Piper Sandler cut their price target on shares of Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating for the company in a research note on Monday, January 27th. Morgan Stanley upped their target price on shares of Vertex Pharmaceuticals from $450.00 to $459.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Jefferies Financial Group upgraded Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and raised their price target for the company from $500.00 to $550.00 in a research report on Monday, December 9th. UBS Group lifted their price target on Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday. Ten research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $505.29.

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.