Hardman Johnston Global Advisors LLC Sells 15,346 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Hardman Johnston Global Advisors reduced its stake in Vertex by 19.4%, selling 15,346 shares and holding 63,806 shares valued at about $28.93 million, making VRTX its 21st largest position.
• Analysts have raised price targets and ratings recently; Vertex holds a MarketBeat consensus of "Moderate Buy" with a consensus target price of $555, and several firms (e.g., Bank of America, Citigroup) increased their targets.
• Insiders sold a total of 80,431 shares worth approximately $37.9 million last quarter, while institutional ownership remains high at 90.96% (insiders own 0.20%).

Hardman Johnston Global Advisors LLC reduced its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,806 shares of the pharmaceutical company's stock after selling 15,346 shares during the quarter. Vertex Pharmaceuticals comprises 1.4% of Hardman Johnston Global Advisors LLC's investment portfolio, making the stock its 21st largest position. Hardman Johnston Global Advisors LLC's holdings in Vertex Pharmaceuticals were worth $28,927,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in VRTX. Chesapeake Asset Management LLC raised its stake in Vertex Pharmaceuticals by 110.0% during the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company's stock valued at $25,000 after buying an additional 33 shares during the last quarter. Colonial Trust Co SC raised its stake in shares of Vertex Pharmaceuticals by 118.8% in the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 38 shares during the last quarter. Total Investment Management Inc. purchased a new position in shares of Vertex Pharmaceuticals in the second quarter worth $33,000. Financial Network Wealth Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 50.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company's stock worth $34,000 after acquiring an additional 29 shares during the period. Finally, Y.D. More Investments Ltd grew its holdings in shares of Vertex Pharmaceuticals by 345.0% in the third quarter. Y.D. More Investments Ltd now owns 89 shares of the pharmaceutical company's stock worth $35,000 after acquiring an additional 69 shares during the period. 90.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VRTX has been the subject of several recent research reports. Weiss Ratings raised Vertex Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 4th. Bank of America upped their price objective on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Citigroup upped their price objective on Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Canaccord Genuity Group boosted their target price on Vertex Pharmaceuticals from $411.00 to $441.00 and gave the stock a "hold" rating in a research report on Tuesday, February 17th. Finally, Stifel Nicolaus upped their price objective on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a "hold" rating in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Vertex Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $555.00.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $436.27 on Monday. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $510.77. The stock has a fifty day moving average price of $464.16 and a 200-day moving average price of $446.37. The firm has a market cap of $110.97 billion, a PE ratio of 28.46, a P/E/G ratio of 1.87 and a beta of 0.36.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.05 by ($0.02). The firm had revenue of $3.19 billion during the quarter, compared to analysts' expectations of $3.18 billion. Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.The business's revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $3.98 EPS. As a group, research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 2,329 shares of Vertex Pharmaceuticals 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 sale, the chief marketing officer directly owned 35,405 shares in the company, valued at approximately $17,057,774.95. The trade was a 6.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Joy Liu sold 978 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $449.17, for a total value of $439,288.26. Following the transaction, the executive vice president owned 21,833 shares in the company, valued at approximately $9,806,728.61. This represents a 4.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 80,431 shares of company stock worth $37,875,167 in the last quarter. 0.20% of the stock is owned by insiders.

Vertex Pharmaceuticals 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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