ARK Investment Management LLC Sells 24,365 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

ARK Investment Management LLC decreased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 32.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,099 shares of the pharmaceutical company’s stock after selling 24,365 shares during the quarter. ARK Investment Management LLC’s holdings in Vertex Pharmaceuticals were worth $23,765,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in VRTX. Northwest Investment Counselors LLC bought a new position in shares of Vertex Pharmaceuticals in the 3rd quarter worth about $25,000. Highline Wealth Partners LLC bought a new position in shares of Vertex Pharmaceuticals during the third quarter valued at approximately $27,000. GHP Investment Advisors Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth approximately $29,000. Stephens Consulting LLC purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth $31,000. Finally, Founders Capital Management raised its position 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 purchasing an additional 25 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Insiders Place Their Bets

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

Vertex Pharmaceuticals Stock Up 1.8 %

VRTX stock opened at $502.45 on Friday. Vertex Pharmaceuticals Incorporated has a 12 month low of $341.90 and a 12 month high of $510.64. The company has a 50-day moving average price of $474.81 and a 200 day moving average price of $466.95. The company has a quick ratio of 2.26, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on VRTX shares. JPMorgan Chase & Co. decreased their target price on shares of Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating for the company in a report on Tuesday. Guggenheim lifted their price objective on Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Oppenheimer lowered their price target on Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Canaccord Genuity Group increased their target price on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a “sell” rating in a report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $480.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Vertex Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $495.96.

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.