Cresset Asset Management LLC Sells 1,391 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Cresset Asset Management LLC reduced its stake in Vertex Pharmaceuticals by 8.8%, selling 1,391 shares and retaining 14,327 shares valued at approximately $6.95 million.
• Vertex Pharmaceuticals reported a 4.52 EPS for the last quarter, surpassing analysts' expectations, and announced a revenue of $2.94 billion, indicating an 11.3% year-over-year growth.
• Analysts set a consensus target price of $497.10 for Vertex Pharmaceuticals, with ratings ranging from "buy" to "hold" from various investment firms.

Cresset Asset Management LLC cut its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 8.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,327 shares of the pharmaceutical company's stock after selling 1,391 shares during the period. Cresset Asset Management LLC's holdings in Vertex Pharmaceuticals were worth $6,946,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Alliance Wealth Advisors LLC UT increased its position in shares of Vertex Pharmaceuticals by 68.2% during the first quarter. Alliance Wealth Advisors LLC UT now owns 1,573 shares of the pharmaceutical company's stock valued at $763,000 after buying an additional 638 shares during the period. Forvis Mazars Wealth Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals during the first quarter valued at about $702,000. Wealthedge Investment Advisors LLC increased its position in shares of Vertex Pharmaceuticals by 21.6% during the first quarter. Wealthedge Investment Advisors LLC now owns 2,701 shares of the pharmaceutical company's stock valued at $1,309,000 after buying an additional 480 shares during the period. Nations Financial Group Inc. IA ADV grew its holdings in shares of Vertex Pharmaceuticals by 1.9% during the first quarter. Nations Financial Group Inc. IA ADV now owns 4,042 shares of the pharmaceutical company's stock worth $1,960,000 after purchasing an additional 74 shares in the last quarter. Finally, Element Capital Management LLC purchased a new position in shares of Vertex Pharmaceuticals during the first quarter worth about $2,641,000. 90.96% of the stock is currently owned by institutional investors.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock opened at $392.79 on Monday. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.88. The stock has a 50 day moving average price of $444.95 and a two-hundred day moving average price of $464.12. The company has a market capitalization of $100.71 billion, a P/E ratio of 28.08 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, August 4th. The pharmaceutical company reported $4.52 EPS for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. The company had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.90 billion. Vertex Pharmaceuticals had a return on equity of 23.91% and a net margin of 31.86%. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($12.83) earnings per share. As a group, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Morgan Stanley set a $439.00 price objective on Vertex Pharmaceuticals and gave the stock an "equal weight" rating in a report on Tuesday, August 5th. HC Wainwright cut their price objective on Vertex Pharmaceuticals from $550.00 to $478.00 and set a "buy" rating for the company in a report on Tuesday, August 5th. JPMorgan Chase & Co. boosted their price objective on Vertex Pharmaceuticals from $515.00 to $517.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Guggenheim cut their price objective on Vertex Pharmaceuticals from $558.00 to $546.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Finally, Leerink Partnrs lowered Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 6th. Thirteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $497.10.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs bought 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was bought at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following the completion of the acquisition, the director directly owned 45,000 shares in the company, valued at $17,535,600. The trade was a 12.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 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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