Washington Trust Bank Sells 1,752 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Washington Trust Bank lowered its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 5.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,271 shares of the pharmaceutical company’s stock after selling 1,752 shares during the quarter. Vertex Pharmaceuticals comprises 1.4% of Washington Trust Bank’s investment portfolio, making the stock its 25th biggest holding. Washington Trust Bank’s holdings in Vertex Pharmaceuticals were worth $14,544,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Deseret Mutual Benefit Administrators boosted its position in Vertex Pharmaceuticals by 27.2% during the third quarter. Deseret Mutual Benefit Administrators now owns 220 shares of the pharmaceutical company’s stock valued at $102,000 after acquiring an additional 47 shares during the last quarter. Montecito Bank & Trust bought a new position in shares of Vertex Pharmaceuticals during the 3rd quarter worth about $753,000. Principal Financial Group Inc. raised its holdings in shares of Vertex Pharmaceuticals by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 410,359 shares of the pharmaceutical company’s stock worth $190,850,000 after acquiring an additional 21,649 shares during the last quarter. BNC Wealth Management LLC acquired a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter worth about $6,212,000. Finally, Advisor Resource Council acquired a new stake in shares of Vertex Pharmaceuticals in the 3rd quarter worth about $241,000. Institutional investors own 90.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of Vertex Pharmaceuticals from $361.00 to $408.00 and gave the stock a “sell” rating in a report on Wednesday. StockNews.com upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Tuesday. Barclays lowered shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $472.00 to $509.00 in a report on Monday, August 5th. JPMorgan Chase & Co. decreased their price objective on shares of Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Guggenheim increased their price objective on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $495.96.

Vertex Pharmaceuticals Stock Performance

Vertex Pharmaceuticals stock opened at $493.64 on Thursday. The stock has a market cap of $127.41 billion, a P/E ratio of -248.06 and a beta of 0.39. The firm’s fifty day moving average price is $474.81 and its 200-day moving average price is $466.95. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $341.90 and a fifty-two 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 issued its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 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 analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.88%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.67 EPS. On average, equities research analysts expect that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction on Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the transaction, the chairman now owns 9,994 shares in the company, valued at $4,987,006. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the transaction, the chairman now owns 9,994 shares in the company, valued at approximately $4,987,006. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sangeeta N. Bhatia sold 646 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 4,435 shares in the company, valued at $2,217,500. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate 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.