Provident Investment Management Inc. Sells 5,301 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Provident Investment Management Inc. cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 3.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 153,406 shares of the pharmaceutical company’s stock after selling 5,301 shares during the quarter. Vertex Pharmaceuticals accounts for about 5.3% of Provident Investment Management Inc.’s portfolio, making the stock its 4th largest holding. Provident Investment Management Inc.’s holdings in Vertex Pharmaceuticals were worth $60,080,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in VRTX. Chesapeake Asset Management LLC increased its stake 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 worth $25,000 after acquiring an additional 33 shares during the period. Colonial Trust Co SC lifted its position in Vertex Pharmaceuticals by 118.8% during the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company’s stock valued at $27,000 after purchasing an additional 38 shares during the period. Total Investment Management Inc. acquired a new position in Vertex Pharmaceuticals during the second quarter valued at $33,000. Financial Network Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 29 shares during the last quarter. Finally, Y.D. More Investments Ltd grew its position in Vertex Pharmaceuticals by 345.0% during the 3rd quarter. Y.D. More Investments Ltd now owns 89 shares of the pharmaceutical company’s stock worth $35,000 after purchasing an additional 69 shares during the period. 90.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on VRTX. Stifel Nicolaus lifted their price objective on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a “hold” rating in a research note on Friday, February 13th. Evercore raised their target price on Vertex Pharmaceuticals from $475.00 to $530.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. HC Wainwright boosted their price target on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the company a “buy” rating in a report on Tuesday, March 10th. UBS Group upped their price objective on Vertex Pharmaceuticals from $535.00 to $545.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Finally, Jefferies Financial Group assumed coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, March 10th. They set a “buy” rating and a $580.00 price objective on the stock. Twenty-three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $553.36.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, EVP Charles F. Wagner, Jr. sold 9,532 shares of Vertex Pharmaceuticals stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $461.00, for a total value of $4,394,252.00. Following the sale, the executive vice president owned 37,725 shares in the company, valued at $17,391,225. This trade represents a 20.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Amit Sachdev sold 58,613 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $468.83, for a total transaction of $27,479,532.79. Following the sale, the executive vice president directly owned 58,934 shares of the company’s stock, valued at $27,630,027.22. This represents a 49.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 93,485 shares of company stock valued at $43,967,586. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock opened at $462.49 on Wednesday. The stock has a market capitalization of $117.49 billion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 1.99 and a beta of 0.31. The business has a 50 day simple moving average of $470.25 and a 200-day simple moving average of $439.49. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $516.50.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its 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). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter last year, the business earned $3.98 EPS. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

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.