Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by TD Private Client Wealth LLC

TD Private Client Wealth LLC cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 56.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,791 shares of the pharmaceutical company’s stock after selling 2,327 shares during the quarter. TD Private Client Wealth LLC’s holdings in Vertex Pharmaceuticals were worth $701,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Chesapeake Asset Management LLC lifted its holdings in shares of Vertex Pharmaceuticals by 110.0% in the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock valued at $25,000 after purchasing an additional 33 shares in the last quarter. Access Investment Management LLC purchased a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $27,000. Legacy Investment Solutions LLC acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter worth approximately $29,000. Total Investment Management Inc. purchased a new stake in Vertex Pharmaceuticals in the 2nd quarter valued at approximately $33,000. Finally, American National Bank & Trust grew its holdings in Vertex Pharmaceuticals by 515.4% during the 2nd quarter. American National Bank & Trust now owns 80 shares of the pharmaceutical company’s stock valued at $36,000 after buying an additional 67 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Trading Down 2.4%

Shares of NASDAQ:VRTX opened at $438.92 on Friday. The firm has a market cap of $111.36 billion, a price-to-earnings ratio of 30.95 and a beta of 0.31. The stock’s 50-day moving average price is $445.95 and its two-hundred day moving average price is $427.49. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.22. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The business had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same period in the prior year, the firm posted $4.38 EPS. The company’s revenue was up 11.0% on a year-over-year basis. As a group, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Jeffrey M. Leiden sold 63,781 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total value of $28,650,425.20. Following the transaction, the chairman directly owned 24,026 shares of the company’s stock, valued at approximately $10,792,479.20. This trade represents a 72.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $456.00, for a total value of $6,384,000.00. Following the completion of the transaction, the executive vice president owned 37,725 shares in the company, valued at $17,202,600. The trade was a 27.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 165,105 shares of company stock valued at $73,858,523 over the last quarter. Company insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Scotiabank assumed coverage on Vertex Pharmaceuticals in a report on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 price target for the company. Morgan Stanley set a $564.00 price objective on Vertex Pharmaceuticals in a research report on Friday, December 5th. Citigroup upped their target price on shares of Vertex Pharmaceuticals from $550.00 to $575.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. lifted their price target on shares of Vertex Pharmaceuticals from $517.00 to $530.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. Finally, Sanford C. Bernstein raised shares of Vertex Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $503.80.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.