Manning & Napier Advisors LLC Has $194.02 Million Stake in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Manning & Napier Advisors trimmed its Vertex Pharmaceuticals stake by 9.9% in the fourth quarter, but still held 427,603 shares valued at about $194 million. Vertex remains one of the firm’s top holdings, making up roughly 2.5% of its portfolio.
• Vertex beat earnings expectations in its latest quarterly report, posting EPS of $4.47 versus estimates of $4.24, with revenue of $2.99 billion in line with expectations. Revenue rose 8.3% year over year.
• Analysts remain broadly positive on VRTX, with a Moderate Buy consensus and an average price target of $555.17. Recent ratings and target updates from RBC, UBS, Citigroup, and Bernstein were mostly favorable despite one downgrade from Wall Street Zen.

Manning & Napier Advisors LLC cut its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 9.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 427,603 shares of the pharmaceutical company's stock after selling 47,219 shares during the period. Vertex Pharmaceuticals comprises about 2.5% of Manning & Napier Advisors LLC's portfolio, making the stock its 8th largest position. Manning & Napier Advisors LLC owned approximately 0.17% of Vertex Pharmaceuticals worth $194,021,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Colonial Trust Co SC lifted its holdings in Vertex Pharmaceuticals by 118.8% during the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after acquiring an additional 38 shares in the last quarter. Eagle Bay Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $29,000. Ares Financial Consulting LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $33,000. Financial Network Wealth Advisors LLC raised its position in shares of Vertex Pharmaceuticals by 50.9% during the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company's stock worth $34,000 after purchasing an additional 29 shares during the period. Finally, Archer Investment Corp lifted its holdings in shares of Vertex Pharmaceuticals by 89.7% during the 4th quarter. Archer Investment Corp now owns 74 shares of the pharmaceutical company's stock valued at $34,000 after purchasing an additional 35 shares in the last quarter. Institutional investors and hedge funds own 90.96% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on VRTX. Royal Bank Of Canada boosted their price objective on Vertex Pharmaceuticals from $541.00 to $543.00 and gave the company an "outperform" rating in a research report on Tuesday. UBS Group lifted their price target on shares of Vertex Pharmaceuticals from $535.00 to $545.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Wall Street Zen cut shares of Vertex Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Citigroup increased their price objective on shares of Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a "buy" rating in a research report on Tuesday, March 10th. Finally, Sanford C. Bernstein dropped their price objective on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating on the stock in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $555.17.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ:VRTX opened at $429.82 on Friday. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $507.92. The company has a market capitalization of $109.09 billion, a P/E ratio of 25.49, a price-to-earnings-growth ratio of 1.84 and a beta of 0.30. The company has a 50-day simple moving average of $450.45 and a 200 day simple moving average of $449.78.

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

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Jonathan Biller sold 1,925 shares of the business's stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $460.43, for a total transaction of $886,327.75. Following the transaction, the executive vice president directly owned 20,819 shares of the company's stock, valued at approximately $9,585,692.17. The trade was a 8.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Duncan Mckechnie sold 4,910 shares of the firm's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total value of $2,394,361.50. Following the sale, the executive vice president directly owned 17,559 shares of the company's stock, valued at $8,562,646.35. This represents a 21.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 81,853 shares of company stock worth $38,479,135 in the last three months. 0.20% of the stock is owned by company insiders.

About Vertex Pharmaceuticals

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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