ARK Investment Management LLC Sells 2,281 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• ARK Investment Management LLC sold 2,281 shares of Vertex Pharmaceuticals, reducing its stake by 8.7%, and now holds a total of 24,063 shares valued at approximately $10.71 million.
• Vertex Pharmaceuticals reported quarterly earnings of $4.52 EPS, exceeding analysts' expectations, with a total revenue of $2.94 billion, showing an 11.3% increase from the previous year.
• The stock has experienced significant interest from institutional investors, holding 90.96% of the shares, while Wall Street analysts maintain a consensus average rating of "Moderate Buy" for Vertex Pharmaceuticals.

ARK Investment Management LLC cut its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 8.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,063 shares of the pharmaceutical company's stock after selling 2,281 shares during the period. ARK Investment Management LLC's holdings in Vertex Pharmaceuticals were worth $10,713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Activest Wealth Management bought a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at approximately $25,000. Clal Insurance Enterprises Holdings Ltd increased its position in shares of Vertex Pharmaceuticals by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company's stock valued at $27,000 after purchasing an additional 45 shares during the period. Flaharty Asset Management LLC bought a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at approximately $32,000. American National Bank & Trust increased its position in shares of Vertex Pharmaceuticals by 515.4% during the second quarter. American National Bank & Trust now owns 80 shares of the pharmaceutical company's stock valued at $36,000 after purchasing an additional 67 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at approximately $46,000. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

VRTX stock opened at $426.27 on Wednesday. The stock's 50 day simple moving average is $397.13 and its 200 day simple moving average is $435.65. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.88. The company has a market cap of $109.29 billion, a P/E ratio of 30.47 and a beta of 0.43.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%.The company had revenue of $2.94 billion for the quarter, compared to analysts' expectations of $2.90 billion. During the same period last year, the business earned ($12.83) EPS. Vertex Pharmaceuticals's quarterly revenue was up 11.3% compared to the same quarter last year. Vertex Pharmaceuticals has set its FY 2025 guidance at EPS. Equities analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on VRTX. Wall Street Zen lowered Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. JPMorgan Chase & Co. boosted their price target on Vertex Pharmaceuticals from $517.00 to $530.00 and gave the company an "overweight" rating in a research note on Wednesday, October 8th. Stifel Nicolaus decreased their price target on Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a research note on Tuesday, August 5th. Wells Fargo & Company raised Vertex Pharmaceuticals from an "equal weight" rating to an "overweight" rating and set a $460.00 price target on the stock in a research note on Wednesday, August 6th. Finally, Raymond James Financial started coverage on Vertex Pharmaceuticals in a research note on Tuesday, September 2nd. They issued a "market perform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $494.38.

Insider Activity

In other news, Director Bruce I. Sachs bought 5,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were bought at an average cost of $389.68 per share, for a total transaction of $1,948,400.00. Following the acquisition, the director directly owned 45,000 shares in the company, valued at approximately $17,535,600. This trade represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

About Vertex Pharmaceuticals

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.

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