Channel Wealth LLC Sells 3,953 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Channel Wealth LLC reduced its stake in Vertex Pharmaceuticals by 37.4% in the fourth quarter, selling 3,953 shares and leaving it with 6,606 shares worth about $3.0 million.
• Vertex reported strong quarterly results, with EPS of $4.47 beating estimates and revenue of $2.99 billion matching forecasts; revenue also rose 8.3% year over year.
• Despite some insider selling, analysts remain generally bullish: Vertex has a consensus rating of “Moderate Buy” with an average price target of $555.17.

Channel Wealth LLC lessened its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 37.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,606 shares of the pharmaceutical company's stock after selling 3,953 shares during the period. Channel Wealth LLC's holdings in Vertex Pharmaceuticals were worth $2,995,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Vertex Pharmaceuticals by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 24,216,865 shares of the pharmaceutical company's stock valued at $9,484,293,000 after purchasing an additional 243,088 shares in the last quarter. Capital Research Global Investors increased its stake in Vertex Pharmaceuticals by 2.8% during the 3rd quarter. Capital Research Global Investors now owns 16,553,281 shares of the pharmaceutical company's stock valued at $6,482,978,000 after purchasing an additional 444,990 shares in the last quarter. Capital International Investors increased its stake in Vertex Pharmaceuticals by 77.9% during the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company's stock valued at $1,836,550,000 after purchasing an additional 2,053,156 shares in the last quarter. Alliancebernstein L.P. increased its stake in Vertex Pharmaceuticals by 3.3% during the 3rd quarter. Alliancebernstein L.P. now owns 4,522,586 shares of the pharmaceutical company's stock valued at $1,771,226,000 after purchasing an additional 144,266 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Vertex Pharmaceuticals by 4.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,276,927 shares of the pharmaceutical company's stock valued at $891,744,000 after purchasing an additional 95,565 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Trading Up 1.1%

Shares of NASDAQ VRTX opened at $429.82 on Friday. The firm has a 50 day moving average of $450.45 and a 200 day moving average of $449.78. The firm has a market capitalization of $109.09 billion, a price-to-earnings ratio of 25.49, a price-to-earnings-growth ratio of 1.84 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.24 by $0.23. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.99 billion. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The firm's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business posted $4.06 earnings per share. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 16.84 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on VRTX. Sanford C. Bernstein reduced their price objective on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating for the company in a research note on Tuesday. Scotiabank lifted their target price on Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an "outperform" rating in a report on Friday, February 13th. Truist Financial raised Vertex Pharmaceuticals to a "strong-buy" rating in a report on Monday, April 27th. Evercore lifted 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. Finally, Royal Bank Of Canada lifted their target price on Vertex Pharmaceuticals from $541.00 to $543.00 and gave the stock an "outperform" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $555.17.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Mark E. Bunnage sold 620 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $301,537.00. Following the completion of the sale, the executive vice president owned 7,284 shares in the company, valued at $3,542,573.40. This represents a 7.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Carmen Bozic sold 2,329 shares of the company's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $481.79, for a total value of $1,122,088.91. Following the completion of the sale, the chief marketing officer owned 35,405 shares of the company's stock, valued at approximately $17,057,774.95. The trade was a 6.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 81,853 shares of company stock valued at $38,479,135 in the last three months. Corporate insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Company 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.

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