New York State Common Retirement Fund Lowers Stock Position in Vertex Pharmaceuticals Incorporated $VRTX

New York State Common Retirement Fund cut its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 9.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 308,577 shares of the pharmaceutical company’s stock after selling 31,695 shares during the period. New York State Common Retirement Fund’s holdings in Vertex Pharmaceuticals were worth $120,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Chesapeake Asset Management LLC boosted its position in shares of Vertex Pharmaceuticals by 110.0% during the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock worth $25,000 after purchasing an additional 33 shares during the period. Access Investment Management LLC purchased a new stake in Vertex Pharmaceuticals in the second quarter valued at approximately $27,000. Legacy Investment Solutions LLC acquired a new position in Vertex Pharmaceuticals during the second quarter worth $29,000. Total Investment Management Inc. purchased a new position in shares of Vertex Pharmaceuticals during the second quarter worth $33,000. Finally, Financial Network Wealth Advisors LLC grew its stake 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 valued at $34,000 after buying an additional 29 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VRTX. Wells Fargo & Company boosted their price objective on Vertex Pharmaceuticals from $460.00 to $515.00 and gave the company an “overweight” rating in a report on Wednesday, December 10th. Scotiabank started coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, November 13th. They set a “sector outperform” rating and a $495.00 price target on the stock. UBS Group increased their price target on shares of Vertex Pharmaceuticals from $535.00 to $545.00 and gave the stock a “buy” rating in a research report on Monday. Royal Bank Of Canada upgraded shares of Vertex Pharmaceuticals from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $455.00 to $546.00 in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Vertex Pharmaceuticals from $517.00 to $530.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $522.68.

Vertex Pharmaceuticals Stock Performance

Shares of Vertex Pharmaceuticals stock opened at $477.91 on Thursday. The business has a 50-day simple moving average of $451.84 and a 200-day simple moving average of $427.22. The company has a market cap of $121.26 billion, a PE ratio of 33.70 and a beta of 0.31. Vertex Pharmaceuticals Incorporated has a one year low of $362.50 and a one year high of $519.68.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.58 by $0.22. Vertex Pharmaceuticals had a net margin of 31.35% and a return on equity of 23.51%. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the firm earned $4.38 earnings per share. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $474.99, for a total transaction of $2,137,455.00. Following the sale, the executive vice president owned 42,293 shares of the company’s stock, valued at approximately $20,088,752.07. This trade represents a 9.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Jeffrey M. Leiden sold 63,781 shares of the business’s stock in a transaction that occurred 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 sale, the chairman owned 24,026 shares of the company’s stock, valued at approximately $10,792,479.20. The trade was a 72.64% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 165,105 shares of company stock valued at $73,858,523. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals 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.