California State Teachers Retirement System Sells 5,316 Shares of Vertex Pharmaceuticals Incorporated (VRTX)
California State Teachers Retirement System lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 415,440 shares of the pharmaceutical company’s stock after selling 5,316 shares during the quarter. California State Teachers Retirement System’s holdings in Vertex Pharmaceuticals were worth $62,258,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Advisory Services Network LLC grew its stake in Vertex Pharmaceuticals by 337.6% during the 4th quarter. Advisory Services Network LLC now owns 792 shares of the pharmaceutical company’s stock valued at $119,000 after purchasing an additional 611 shares in the last quarter. Whittier Trust Co. grew its stake in Vertex Pharmaceuticals by 153.5% during the 4th quarter. Whittier Trust Co. now owns 991 shares of the pharmaceutical company’s stock valued at $149,000 after purchasing an additional 600 shares in the last quarter. FNY Managed Accounts LLC acquired a new stake in Vertex Pharmaceuticals during the 3rd quarter valued at approximately $162,000. Baldwin Brothers Inc. MA acquired a new stake in Vertex Pharmaceuticals during the 4th quarter valued at approximately $184,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in Vertex Pharmaceuticals during the 4th quarter valued at approximately $184,000. Institutional investors and hedge funds own 94.51% of the company’s stock.
Shares of Vertex Pharmaceuticals Incorporated (VRTX) opened at $174.96 on Wednesday. The stock has a market capitalization of $44,420.00, a P/E ratio of 168.23, a P/E/G ratio of 2.51 and a beta of 1.56. Vertex Pharmaceuticals Incorporated has a 1-year low of $88.90 and a 1-year high of $178.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.28 and a quick ratio of 3.14.
Vertex Pharmaceuticals announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 31st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the pharmaceutical company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
A number of equities research analysts have weighed in on VRTX shares. HC Wainwright restated a “hold” rating and set a $103.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, February 13th. Deutsche Bank started coverage on Vertex Pharmaceuticals in a research note on Tuesday, December 12th. They set a “buy” rating and a $175.00 price objective for the company. Zacks Investment Research upgraded Vertex Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $176.00 price objective for the company in a research note on Monday, January 8th. Oppenheimer raised their price objective on Vertex Pharmaceuticals from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Finally, BidaskClub upgraded Vertex Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $183.96.
In related news, CMO Jeffrey Chodakewitz sold 3,438 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $151.80, for a total value of $521,888.40. Following the sale, the chief marketing officer now owns 57,862 shares of the company’s stock, valued at approximately $8,783,451.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Amit Sachdev sold 46,172 shares of the firm’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $158.65, for a total value of $7,325,187.80. Following the completion of the sale, the executive vice president now directly owns 57,835 shares in the company, valued at approximately $9,175,522.75. The disclosure for this sale can be found here. In the last three months, insiders sold 356,966 shares of company stock worth $57,081,624. Company insiders own 1.80% of the company’s stock.
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About Vertex Pharmaceuticals
Vertex Pharmaceuticals Incorporated is engaged in discovering, developing, manufacturing and commercializing medicines for serious diseases. The Company is focused on developing and commercializing therapies for the treatment of cystic fibrosis (CF) and advancing its research and development programs in other indications.
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