Rhenman & Partners Asset Management AB Decreases Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

Rhenman & Partners Asset Management AB lessened its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 23.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 46,955 shares of the pharmaceutical company’s stock after selling 14,500 shares during the period. Vertex Pharmaceuticals comprises 2.0% of Rhenman & Partners Asset Management AB’s investment portfolio, making the stock its 18th largest holding. Rhenman & Partners Asset Management AB’s holdings in Vertex Pharmaceuticals were worth $18,389,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Chesapeake Asset Management LLC grew its position in Vertex Pharmaceuticals by 110.0% in the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock valued at $25,000 after acquiring an additional 33 shares during the last quarter. Colonial Trust Co SC lifted its position in shares of Vertex Pharmaceuticals by 118.8% during the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock worth $27,000 after purchasing an additional 38 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals during the second quarter worth $29,000. Total Investment Management Inc. purchased a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at $33,000. Finally, Financial Network Wealth Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 50.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock worth $34,000 after purchasing an additional 29 shares during the last quarter. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Stock Down 0.9%

Vertex Pharmaceuticals stock opened at $456.69 on Friday. The firm has a market cap of $116.01 billion, a P/E ratio of 29.79 and a beta of 0.31. The business has a fifty day moving average of $467.48 and a two-hundred day moving average of $435.06. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.05 by ($0.02). The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.98 earnings per share. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Analyst Ratings Changes

VRTX has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $570.00 price objective on shares of Vertex Pharmaceuticals in a report on Friday, February 13th. Wells Fargo & Company boosted their price target on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Evercore increased their price objective on Vertex Pharmaceuticals from $475.00 to $530.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. Barclays raised their price objective on Vertex Pharmaceuticals from $606.00 to $607.00 and gave the stock an “overweight” rating in a report on Tuesday, February 17th. Finally, Weiss Ratings upgraded Vertex Pharmaceuticals from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 4th. Twenty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $542.00.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Ourania Tatsis sold 4,500 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $474.99, for a total value of $2,137,455.00. Following the transaction, the executive vice president owned 42,293 shares in the company, valued at $20,088,752.07. The trade was a 9.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark E. Bunnage sold 2,021 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $460.43, for a total transaction of $930,529.03. Following the completion of the transaction, the executive vice president owned 12,914 shares of the company’s stock, valued at $5,945,993.02. This represents a 13.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 91,156 shares of company stock valued at $42,845,497 over the last three months. Corporate insiders own 0.20% of the company’s stock.

About Vertex Pharmaceuticals

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.