State of Michigan Retirement System Decreases Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• State of Michigan Retirement System cut its stake in Vertex by 3.9% in Q4, selling 2,800 shares and holding 69,223 shares worth about $31.38 million per its latest 13F filing.
• Vertex reported Q4 EPS of $5.03 (missed estimates by $0.02) and revenue of $3.19 billion, with analysts assigning a consensus rating of "Moderate Buy" and a $555 consensus price target; the company has a market cap of roughly $109.5 billion.
• Insider activity shows significant selling—executives including the CMO and EVP sold shares recently, with 80,431 shares sold over the past 90 days (≈$37.9M); insiders now own about 0.20% of the stock.

State of Michigan Retirement System lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 3.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 69,223 shares of the pharmaceutical company's stock after selling 2,800 shares during the quarter. State of Michigan Retirement System's holdings in Vertex Pharmaceuticals were worth $31,383,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in Vertex Pharmaceuticals by 15.0% during the fourth quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company's stock worth $1,783,000 after acquiring an additional 579 shares during the period. Gamco Investors INC. ET AL acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at about $228,000. NewEdge Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 9.0% during the second quarter. NewEdge Advisors LLC now owns 11,929 shares of the pharmaceutical company's stock worth $5,311,000 after purchasing an additional 986 shares in the last quarter. ICW Investment Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 5.0% during the second quarter. ICW Investment Advisors LLC now owns 604 shares of the pharmaceutical company's stock worth $269,000 after purchasing an additional 29 shares in the last quarter. Finally, Diversify Advisory Services LLC raised its position in shares of Vertex Pharmaceuticals by 26.3% during the 2nd quarter. Diversify Advisory Services LLC now owns 7,291 shares of the pharmaceutical company's stock worth $3,246,000 after purchasing an additional 1,518 shares during the last quarter. Hedge funds and other institutional investors own 90.96% of the company's stock.

Vertex Pharmaceuticals Trading Up 0.0%

VRTX opened at $430.42 on Monday. The firm has a market capitalization of $109.48 billion, a PE ratio of 28.08, a PEG ratio of 1.92 and a beta of 0.36. Vertex Pharmaceuticals Incorporated has a twelve month low of $362.50 and a twelve month high of $510.77. The firm's 50-day moving average price is $457.85 and its 200 day moving average price is $449.02.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The pharmaceutical company reported $5.03 EPS for the quarter, missing analysts' consensus estimates of $5.05 by ($0.02). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same quarter in the previous year, the company posted $3.98 EPS. The firm's revenue was up 9.5% on a year-over-year basis. As a group, analysts predict that Vertex Pharmaceuticals Incorporated will post 16.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Maxim Group raised shares of Vertex Pharmaceuticals from a "hold" rating to a "buy" rating and set a $575.00 price target on the stock in a research note on Wednesday, March 18th. HC Wainwright boosted their price objective on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Cantor Fitzgerald reissued an "overweight" rating and set a $590.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, February 13th. Weiss Ratings downgraded Vertex Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, April 14th. Finally, Royal Bank Of Canada lowered their price target on Vertex Pharmaceuticals from $546.00 to $541.00 and set an "outperform" rating on the stock in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $555.00.

Insiders Place Their Bets

In related news, CMO Carmen Bozic sold 2,329 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $481.79, for a total value of $1,122,088.91. Following the completion of the sale, the chief marketing officer owned 35,405 shares of the company's stock, valued at approximately $17,057,774.95. This trade represents a 6.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jonathan Biller sold 945 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $486.35, for a total value of $459,600.75. Following the transaction, the executive vice president owned 13,659 shares in the company, valued at approximately $6,643,054.65. The trade was a 6.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 80,431 shares of company stock valued at $37,875,167. Insiders own 0.20% of the company's stock.

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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