Scotia Capital Inc. Cuts Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Scotia Capital Inc. reduced its stake in Vertex Pharmaceuticals by 10.3% during the first quarter, holding 6,072 shares valued at approximately $2.94 million.
• Equities analysts have generally adopted a cautious approach, with a mix of 'hold' and 'buy' ratings, while Vertex's stock currently holds an average target price of $495.21.
• Vertex Pharmaceuticals reported a quarterly revenue of $2.94 billion and earnings per share of $4.52, exceeding analyst expectations and showing an 11.3% year-over-year increase.

Scotia Capital Inc. trimmed its position in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 10.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,072 shares of the pharmaceutical company's stock after selling 695 shares during the period. Scotia Capital Inc.'s holdings in Vertex Pharmaceuticals were worth $2,944,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC grew its stake in Vertex Pharmaceuticals by 60,572.3% during the first quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company's stock valued at $1,175,722,000 after acquiring an additional 2,421,073 shares in the last quarter. Capital World Investors grew its stake in Vertex Pharmaceuticals by 5.7% during the fourth quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after acquiring an additional 1,514,993 shares in the last quarter. Capital Research Global Investors grew its stake in Vertex Pharmaceuticals by 15.8% during the fourth quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock valued at $4,199,713,000 after acquiring an additional 1,426,746 shares in the last quarter. Jennison Associates LLC grew its stake in Vertex Pharmaceuticals by 17.2% during the first quarter. Jennison Associates LLC now owns 5,062,442 shares of the pharmaceutical company's stock valued at $2,454,373,000 after acquiring an additional 744,680 shares in the last quarter. Finally, Lazard Asset Management LLC grew its stake in Vertex Pharmaceuticals by 6,487.2% during the fourth quarter. Lazard Asset Management LLC now owns 526,119 shares of the pharmaceutical company's stock valued at $211,867,000 after acquiring an additional 518,132 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Bruce I. Sachs bought 5,000 shares of the stock in a transaction dated Wednesday, August 6th. The stock was acquired at an average price of $389.68 per share, for a total transaction of $1,948,400.00. Following the acquisition, the director owned 45,000 shares in the company, valued at approximately $17,535,600. This represents a 12.50% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VRTX. Leerink Partners reaffirmed a "market perform" rating and set a $503.00 target price (down from $550.00) on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. Erste Group Bank cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 23rd. Wall Street Zen raised shares of Vertex Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Canaccord Genuity Group dropped their price objective on shares of Vertex Pharmaceuticals from $424.00 to $411.00 and set a "hold" rating for the company in a research note on Wednesday. Finally, Scotiabank dropped their price objective on shares of Vertex Pharmaceuticals from $442.00 to $438.00 and set a "sector perform" rating for the company in a research note on Tuesday. Thirteen research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $497.10.

Vertex Pharmaceuticals Stock Down 2.4%

VRTX stock traded down $9.09 during mid-day trading on Friday, hitting $366.54. 3,679,339 shares of the company were exchanged, compared to its average volume of 1,989,627. The business has a fifty day simple moving average of $450.77 and a 200-day simple moving average of $465.51. Vertex Pharmaceuticals Incorporated has a 12-month low of $364.66 and a 12-month high of $519.88. The firm has a market capitalization of $93.98 billion, a P/E ratio of 26.20 and a beta of 0.44.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The pharmaceutical company reported $4.52 earnings per share for the quarter, beating analysts' consensus estimates of $4.24 by $0.28. The firm had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.90 billion. Vertex Pharmaceuticals had a net margin of 31.86% and a return on equity of 23.91%. The business's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($12.83) earnings per share. Research analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

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.