Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 44.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,039 shares of the pharmaceutical company’s stock after selling 4,822 shares during the period. Pinnacle Associates Ltd.’s holdings in Vertex Pharmaceuticals were worth $2,809,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in Vertex Pharmaceuticals during the 3rd quarter valued at approximately $25,000. Highline Wealth Partners LLC bought a new stake in Vertex Pharmaceuticals in the third quarter valued at $27,000. GHP Investment Advisors Inc. acquired a new position in shares of Vertex Pharmaceuticals during the second quarter valued at $29,000. Stephens Consulting LLC bought a new position in shares of Vertex Pharmaceuticals during the second quarter worth about $31,000. Finally, Founders Capital Management increased its holdings in shares of Vertex Pharmaceuticals by 50.0% in the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock worth $35,000 after acquiring an additional 25 shares during the period. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $475.98 on Friday. The company’s 50 day simple moving average is $474.73 and its 200-day simple moving average is $463.95. Vertex Pharmaceuticals Incorporated has a 52-week low of $341.90 and a 52-week high of $510.64. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.26 and a current ratio of 2.52.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($12.54) by ($0.29). The business had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.53 earnings per share. On average, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post -2.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on VRTX. Oppenheimer decreased their target price on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial restated a “buy” rating and issued a $550.00 target price (up from $508.00) on shares of Vertex Pharmaceuticals in a research report on Monday, August 5th. TD Cowen boosted their price target on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Barclays lowered Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $472.00 to $509.00 in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Vertex Pharmaceuticals from $505.00 to $510.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $492.50.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the sale, the director now owns 4,435 shares of the company’s stock, valued at $2,217,500. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Carmen Bozic sold 2,280 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $476.75, for a total value of $1,086,990.00. Following the completion of the transaction, the chief marketing officer now owns 23,259 shares in the company, valued at $11,088,728.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,710 shares of company stock worth $3,298,206. 0.20% of the stock is owned by company insiders.

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.