Massachusetts Financial Services Co. MA Sells 291,226 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Massachusetts Financial Services Co. MA sold 291,226 shares of Vertex, cutting its stake by 57.9% to 211,934 shares valued at about $96.08 million (0.08% of the company).
• Significant insider selling has occurred recently—insiders sold 80,431 shares worth roughly $37.9 million in the last 90 days, including EVP Duncan Mckechnie and CMO Carmen Bozic—leaving insiders with just 0.20% ownership.
• Analysts remain broadly positive with a consensus price target of $555 (average "Moderate Buy") amid multiple target upgrades, while Vertex reported Q4 EPS of $5.03 (a $0.02 miss) and revenue of $3.19 billion; market cap is about $112 billion.

Massachusetts Financial Services Co. MA decreased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 57.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 211,934 shares of the pharmaceutical company's stock after selling 291,226 shares during the period. Massachusetts Financial Services Co. MA owned 0.08% of Vertex Pharmaceuticals worth $96,082,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in VRTX. Central Pacific Bank Trust Division raised its stake in shares of Vertex Pharmaceuticals by 0.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 5,026 shares of the pharmaceutical company's stock worth $2,279,000 after buying an additional 24 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in shares of Vertex Pharmaceuticals by 28.1% during the fourth quarter. JFS Wealth Advisors LLC now owns 114 shares of the pharmaceutical company's stock worth $52,000 after buying an additional 25 shares during the last quarter. Legacy Wealth Asset Management LLC raised its stake in shares of Vertex Pharmaceuticals by 1.8% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,442 shares of the pharmaceutical company's stock worth $565,000 after buying an additional 26 shares during the last quarter. Quent Capital LLC raised its stake in shares of Vertex Pharmaceuticals by 5.5% during the third quarter. Quent Capital LLC now owns 501 shares of the pharmaceutical company's stock worth $196,000 after buying an additional 26 shares during the last quarter. Finally, Washington Trust Advisors Inc. raised its stake in shares of Vertex Pharmaceuticals by 8.0% during the third quarter. Washington Trust Advisors Inc. now owns 349 shares of the pharmaceutical company's stock worth $137,000 after buying an additional 26 shares during the last quarter. Institutional investors own 90.96% of the company's stock.

Analyst Upgrades and Downgrades

VRTX has been the subject of a number of recent research reports. Oppenheimer boosted their price target on shares of Vertex Pharmaceuticals from $540.00 to $600.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 10th. Jefferies Financial Group initiated coverage on shares of Vertex Pharmaceuticals in a research note on Tuesday, March 10th. They set a "buy" rating and a $580.00 price target for the company. Sanford C. Bernstein reissued an "outperform" rating and set a $577.00 price target on shares of Vertex Pharmaceuticals in a research note on Friday, February 13th. Royal Bank Of Canada dropped their price target on shares of Vertex Pharmaceuticals from $546.00 to $541.00 and set an "outperform" rating for the company in a research note on Friday, February 13th. Finally, Scotiabank boosted their price target on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an "outperform" rating in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Vertex Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $555.00.

Insider Activity

In related news, EVP Duncan Mckechnie sold 4,910 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total transaction of $2,394,361.50. Following the completion of the transaction, the executive vice president owned 17,559 shares in the company, valued at approximately $8,562,646.35. The trade was a 21.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Carmen Bozic sold 2,329 shares of the business's stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $481.79, for a total transaction of $1,122,088.91. Following the transaction, the chief marketing officer owned 35,405 shares of the company's stock, valued at approximately $17,057,774.95. This represents a 6.17% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 80,431 shares of company stock valued at $37,875,167. 0.20% of the stock is currently owned by company insiders.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX opened at $440.05 on Tuesday. The stock has a market cap of $111.93 billion, a P/E ratio of 28.71, a P/E/G ratio of 1.87 and a beta of 0.36. The firm has a 50 day moving average price of $463.52 and a 200 day moving average price of $446.78. Vertex Pharmaceuticals Incorporated has a 52-week low of $362.50 and a 52-week high of $510.77.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $3.18 billion. Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The firm's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.98 EPS. Analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

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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