Longbow Finance SA Sells 4,013 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Longbow Finance SA has reduced its stake in Vertex Pharmaceuticals by 17.7%, selling 4,013 shares, and now holds 18,686 shares worth approximately $9.06 million.
• Vertex Pharmaceuticals reported a quarterly revenue of $2.77 billion, missing analysts' expectations, and had an EPS of $4.06, which was also below the consensus estimate.
• Analysts maintain a Moderate Buy rating for Vertex, with a consensus price target of $512.30, reflecting the optimism around the company's future performance despite recent earnings misses.

Longbow Finance SA reduced its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,686 shares of the pharmaceutical company's stock after selling 4,013 shares during the period. Vertex Pharmaceuticals comprises about 1.1% of Longbow Finance SA's investment portfolio, making the stock its 28th biggest position. Longbow Finance SA's holdings in Vertex Pharmaceuticals were worth $9,059,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in VRTX. Mascagni Wealth Management Inc. acquired a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $31,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $40,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Vertex Pharmaceuticals during the 4th quarter valued at about $44,000. SJS Investment Consulting Inc. boosted its position in shares of Vertex Pharmaceuticals by 46.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 95 shares of the pharmaceutical company's stock valued at $46,000 after acquiring an additional 30 shares in the last quarter. Finally, Transce3nd LLC bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at about $50,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Price Performance

Vertex Pharmaceuticals stock traded down $6.33 during trading hours on Monday, reaching $463.32. 875,304 shares of the stock were exchanged, compared to its average volume of 1,516,245. The stock has a 50 day moving average of $453.13 and a two-hundred day moving average of $465.42. Vertex Pharmaceuticals Incorporated has a twelve month low of $377.85 and a twelve month high of $519.88. The company has a current ratio of 2.65, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. The company has a market cap of $118.98 billion, a P/E ratio of -118.30 and a beta of 0.41.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.29 by ($0.23). The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.85 billion. Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The firm's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the business earned $4.76 EPS. Equities analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on VRTX shares. HC Wainwright reaffirmed a "buy" rating and issued a $550.00 target price on shares of Vertex Pharmaceuticals in a research note on Monday, June 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $535.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Morgan Stanley dropped their target price on shares of Vertex Pharmaceuticals from $464.00 to $460.00 and set an "equal weight" rating for the company in a research note on Friday, June 20th. Finally, William Blair reaffirmed an "outperform" rating on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $512.30.

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.