Summit Global Investments Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Summit Global Investments lessened its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 39.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,790 shares of the pharmaceutical company’s stock after selling 3,829 shares during the quarter. Summit Global Investments’ holdings in Vertex Pharmaceuticals were worth $2,693,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in VRTX. Creative Planning raised its stake in Vertex Pharmaceuticals by 5.3% during the second quarter. Creative Planning now owns 79,117 shares of the pharmaceutical company’s stock valued at $37,084,000 after buying an additional 3,998 shares during the last quarter. Blue Trust Inc. raised its position in shares of Vertex Pharmaceuticals by 640.0% in the 2nd quarter. Blue Trust Inc. now owns 1,443 shares of the pharmaceutical company’s stock worth $676,000 after purchasing an additional 1,248 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Vertex Pharmaceuticals in the 2nd quarter worth about $74,213,000. Susquehanna Fundamental Investments LLC purchased a new position in Vertex Pharmaceuticals in the second quarter worth about $21,008,000. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Vertex Pharmaceuticals by 8.0% in the first quarter. Canada Pension Plan Investment Board now owns 386,648 shares of the pharmaceutical company’s stock worth $161,623,000 after buying an additional 28,747 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 completion of the sale, the chairman now directly owns 9,994 shares of the company’s stock, valued at $4,987,006. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VRTX shares. Scotiabank upped their price target on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the company a “sector perform” rating in a report on Tuesday. UBS Group lifted their price target on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the stock a “buy” rating in a research note on Tuesday. Raymond James reissued a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Truist Financial restated a “buy” rating and issued a $550.00 target price (up previously from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. Finally, Oppenheimer decreased their price objective on Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $495.96.

Vertex Pharmaceuticals Stock Up 1.8 %

Shares of NASDAQ VRTX opened at $502.45 on Friday. Vertex Pharmaceuticals Incorporated has a 1-year low of $341.90 and a 1-year high of $510.64. The business’s 50 day moving average is $474.81 and its two-hundred day moving average is $466.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.26.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.77. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. Vertex Pharmaceuticals’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.67 EPS. As a group, analysts anticipate that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current fiscal 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.