Zacks Investment Management Decreases Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Zacks Investment Management trimmed its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 15.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,653 shares of the pharmaceutical company’s stock after selling 9,831 shares during the period. Zacks Investment Management’s holdings in Vertex Pharmaceuticals were worth $21,203,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth $1,374,948,000. Parnassus Investments LLC bought a new stake in Vertex Pharmaceuticals during the fourth quarter valued at approximately $731,283,000. Edgewood Management LLC increased its holdings in Vertex Pharmaceuticals by 91.2% during the fourth quarter. Edgewood Management LLC now owns 2,956,608 shares of the pharmaceutical company’s stock valued at $1,190,626,000 after buying an additional 1,410,238 shares during the last quarter. Wellington Management Group LLP raised its position in Vertex Pharmaceuticals by 23.3% in the fourth quarter. Wellington Management Group LLP now owns 5,916,084 shares of the pharmaceutical company’s stock worth $2,382,407,000 after acquiring an additional 1,117,214 shares during the period. Finally, WCM Investment Management LLC purchased a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth $435,899,000. Institutional investors own 90.96% of the company’s stock.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP David Altshuler sold 3,231 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $500.00, for a total value of $1,615,500.00. Following the completion of the sale, the executive vice president now directly owns 26,512 shares in the company, valued at approximately $13,256,000. This represents a 10.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ourania Tatsis sold 244 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $455.06, for a total value of $111,034.64. Following the transaction, the executive vice president now 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 have sold 4,315 shares of company stock valued at $2,121,012 in the last 90 days. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company lowered Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $460.00 price target for the company. in a report on Thursday, January 30th. Piper Sandler reduced their price objective 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. StockNews.com upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. William Blair reiterated an “outperform” rating on shares of Vertex Pharmaceuticals in a research note on Friday, January 31st. Finally, Scotiabank boosted their price objective on Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Ten equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $512.41.

Vertex Pharmaceuticals Price Performance

VRTX stock opened at $485.89 on Thursday. The company has a current ratio of 2.69, a quick ratio of 2.35 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 12 month low of $377.85 and a 12 month high of $519.88. The stock has a market cap of $124.77 billion, a PE ratio of -220.86, a P/E/G ratio of 2.11 and a beta of 0.50. The company has a 50-day moving average price of $485.70 and a 200 day moving average price of $464.91.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 earnings per share for the quarter, missing the consensus estimate of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. Equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Vertex Pharmaceuticals 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.