Pacer Advisors Inc. Lowers Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Pacer Advisors Inc. reduced its stake in Vertex Pharmaceuticals by 20.9%, now holding 30,696 shares valued at approximately $14.88 million.
• Several institutional investors are adjusting their positions in Vertex, with hedge funds owning 90.96% of the stock.
• Although Vertex's quarterly earnings report showed a miss on EPS estimates, analysts maintain a consensus rating of "Moderate Buy" with a target price of $512.30.

Pacer Advisors Inc. trimmed its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 20.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,696 shares of the pharmaceutical company's stock after selling 8,104 shares during the period. Pacer Advisors Inc.'s holdings in Vertex Pharmaceuticals were worth $14,882,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hedeker Wealth LLC acquired a new position in Vertex Pharmaceuticals in the first quarter valued at approximately $4,367,000. Assetmark Inc. raised its holdings in Vertex Pharmaceuticals by 6.8% in the 1st quarter. Assetmark Inc. now owns 85,297 shares of the pharmaceutical company's stock worth $41,354,000 after purchasing an additional 5,432 shares during the period. Elefante Mark B raised its holdings in Vertex Pharmaceuticals by 24.4% in the 1st quarter. Elefante Mark B now owns 5,661 shares of the pharmaceutical company's stock worth $2,745,000 after purchasing an additional 1,109 shares during the period. Cetera Investment Advisers raised its holdings in Vertex Pharmaceuticals by 20.0% in the 1st quarter. Cetera Investment Advisers now owns 64,774 shares of the pharmaceutical company's stock worth $31,404,000 after purchasing an additional 10,817 shares during the period. Finally, Avantax Advisory Services Inc. raised its holdings in Vertex Pharmaceuticals by 10.5% in the 1st quarter. Avantax Advisory Services Inc. now owns 12,674 shares of the pharmaceutical company's stock worth $6,145,000 after purchasing an additional 1,203 shares during the period. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Up 0.7%

Shares of NASDAQ VRTX traded up $3.09 during mid-day trading on Wednesday, hitting $471.50. The company had a trading volume of 185,376 shares, compared to its average volume of 1,513,179. The company has a market capitalization of $121.08 billion, a PE ratio of -120.33 and a beta of 0.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.65 and a quick ratio of 2.29. Vertex Pharmaceuticals Incorporated has a 1-year low of $377.85 and a 1-year high of $519.88. The business's 50-day simple moving average is $453.96 and its 200 day simple moving average is $465.79.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results 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). Vertex Pharmaceuticals had a negative return on equity of 3.36% and a negative net margin of 8.91%. The company had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.85 billion. During the same period in the prior year, the business earned $4.76 EPS. The business's quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Erste Group Bank cut Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Friday, May 23rd. Wolfe Research cut Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a report on Wednesday, May 7th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Royal Bank Of Canada set a $420.00 price target on Vertex Pharmaceuticals and gave the stock a "sector perform" rating in a report on Tuesday, June 17th. Finally, William Blair reissued an "outperform" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.