Beacon Pointe Advisors LLC Cuts Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Beacon Pointe Advisors LLC trimmed its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,203 shares of the pharmaceutical company's stock after selling 793 shares during the quarter. Beacon Pointe Advisors LLC's holdings in Vertex Pharmaceuticals were worth $6,525,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth approximately $1,374,948,000. Parnassus Investments LLC acquired a new stake in Vertex Pharmaceuticals during the 4th quarter worth $731,283,000. Capital World Investors raised its position in shares of Vertex Pharmaceuticals by 5.7% during the 4th quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after acquiring an additional 1,514,993 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Vertex Pharmaceuticals by 15.8% in the 4th quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock valued at $4,199,713,000 after purchasing an additional 1,426,746 shares during the period. Finally, Edgewood Management LLC boosted its position in shares of Vertex Pharmaceuticals by 91.2% in the 4th quarter. Edgewood Management LLC now owns 2,956,608 shares of the pharmaceutical company's stock worth $1,190,626,000 after purchasing an additional 1,410,238 shares during the last quarter. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Trading Up 0.5 %

NASDAQ:VRTX traded up $2.29 during mid-day trading on Friday, reaching $501.15. 1,652,430 shares of the company's stock traded hands, compared to its average volume of 1,342,700. Vertex Pharmaceuticals Incorporated has a 12-month low of $377.85 and a 12-month high of $519.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.69 and a quick ratio of 2.35. The company has a 50 day moving average price of $491.59 and a 200-day moving average price of $467.04. The firm has a market capitalization of $128.84 billion, a price-to-earnings ratio of -227.80, a PEG ratio of 2.11 and a beta of 0.50.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing analysts' consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. On average, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Insider Transactions at Vertex Pharmaceuticals

In related news, EVP David Altshuler sold 3,231 shares of Vertex Pharmaceuticals stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the completion of the transaction, the executive vice president now directly owns 26,512 shares of the company's stock, valued at $13,256,000. This trade represents a 10.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ourania Tatsis sold 244 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $455.06, for a total transaction of $111,034.64. Following the completion of the sale, the executive vice president now owns 67,695 shares in the company, valued at approximately $30,805,286.70. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,315 shares of company stock valued at $2,121,012. Corporate insiders own 0.20% of the company's stock.

Analyst Ratings Changes

VRTX has been the topic of several analyst reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $535.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, April 22nd. Barclays lifted their price objective on shares of Vertex Pharmaceuticals from $435.00 to $467.00 and gave the stock an "equal weight" rating in a research note on Tuesday, February 11th. Piper Sandler reduced their price target on shares of Vertex Pharmaceuticals from $535.00 to $533.00 and set an "overweight" rating on the stock in a research report on Monday, January 27th. Wells Fargo & Company cut shares of Vertex Pharmaceuticals from an "overweight" rating to an "equal weight" rating and set a $460.00 price objective for the company. in a research report on Thursday, January 30th. Finally, Bank of America lifted their target price on Vertex Pharmaceuticals from $555.00 to $567.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Ten research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $514.91.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.