Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has reduced its stake in Vertex Pharmaceuticals by 41.2%, now holding a total of 27,688 shares valued at approximately $13.42 million.
• Vertex Pharmaceuticals reported a quarterly earnings miss, with earnings per share at $4.06, falling short of the expected $4.29 and generating revenue of $2.77 billion.
• Institutional ownership remains high, with 90.96% of Vertex stocks held by institutional investors and hedge funds.

Bank of Nova Scotia reduced its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 41.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,688 shares of the pharmaceutical company's stock after selling 19,409 shares during the quarter. Bank of Nova Scotia's holdings in Vertex Pharmaceuticals were worth $13,423,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Mascagni Wealth Management Inc. bought a new position in Vertex Pharmaceuticals in the 4th quarter valued at about $31,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $40,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $44,000. SJS Investment Consulting Inc. lifted its stake in Vertex Pharmaceuticals by 46.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock valued at $46,000 after purchasing an additional 30 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Vertex Pharmaceuticals in the 1st quarter valued at approximately $46,000. 90.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on VRTX shares. Wolfe Research downgraded shares of Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, May 7th. Stifel Nicolaus dropped their target price on shares of Vertex Pharmaceuticals from $494.00 to $455.00 and set a "hold" rating on the stock in a research note on Tuesday. Cantor Fitzgerald lowered their price target on shares of Vertex Pharmaceuticals from $535.00 to $485.00 and set an "overweight" rating on the stock in a research report on Tuesday. Morgan Stanley decreased their price target on shares of Vertex Pharmaceuticals from $460.00 to $439.00 and set an "equal weight" rating on the stock in a report on Tuesday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Vertex Pharmaceuticals from $515.00 to $517.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Fourteen equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $495.21.

Vertex Pharmaceuticals Price Performance

NASDAQ:VRTX traded down $97.29 during trading hours on Tuesday, hitting $374.98. The company's stock had a trading volume of 10,722,106 shares, compared to its average volume of 1,171,126. Vertex Pharmaceuticals Incorporated has a 52-week low of $373.19 and a 52-week high of $519.88. The company has a market capitalization of $96.29 billion, a PE ratio of 26.80 and a beta of 0.44. The business's 50-day moving average is $456.34 and its two-hundred day moving average is $467.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.29 and a current ratio of 2.65.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, topping analysts' consensus estimates of $4.24 by $0.28. The firm had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 24.28% and a net margin of 31.86%. The firm's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted ($12.83) EPS. As a group, research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

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.