Stenger Family Office LLC Sells 3,398 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• Stenger Family Office LLC reduced its Vertex Pharmaceuticals stake by 31.7% in the fourth quarter, selling 3,398 shares and ending with 7,323 shares worth about $3.32 million.
• Vertex reported solid quarterly results, posting $4.47 EPS versus the $4.24 estimate and revenue of $2.99 billion, while revenue rose 8.3% year over year.
• Analysts remain constructive on VRTX, with 22 Buy ratings, 3 Hold ratings, and a consensus “Moderate Buy” target price of $555.91, even as some insiders recently sold shares.

Stenger Family Office LLC lowered its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 31.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,323 shares of the pharmaceutical company's stock after selling 3,398 shares during the period. Stenger Family Office LLC's holdings in Vertex Pharmaceuticals were worth $3,320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors boosted its stake in shares of Vertex Pharmaceuticals by 4.6% in the fourth quarter. Capital Research Global Investors now owns 17,316,344 shares of the pharmaceutical company's stock worth $7,850,544,000 after acquiring an additional 763,063 shares during the period. State Street Corp boosted its stake in Vertex Pharmaceuticals by 0.7% in the 4th quarter. State Street Corp now owns 11,689,539 shares of the pharmaceutical company's stock worth $5,299,569,000 after purchasing an additional 83,539 shares during the period. Capital International Investors grew its holdings in Vertex Pharmaceuticals by 0.9% during the 4th quarter. Capital International Investors now owns 4,733,596 shares of the pharmaceutical company's stock valued at $2,146,041,000 after buying an additional 44,537 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Vertex Pharmaceuticals by 3.3% in the third quarter. Alliancebernstein L.P. now owns 4,522,586 shares of the pharmaceutical company's stock worth $1,771,226,000 after buying an additional 144,266 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Vertex Pharmaceuticals by 49.4% during the fourth quarter. Victory Capital Management Inc. now owns 3,356,766 shares of the pharmaceutical company's stock worth $1,521,851,000 after acquiring an additional 1,109,200 shares during the last quarter. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock opened at $451.63 on Friday. The company has a market cap of $114.62 billion, a PE ratio of 26.79, a price-to-earnings-growth ratio of 1.93 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $507.92. The stock's 50 day simple moving average is $438.71 and its two-hundred day simple moving average is $453.13.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts' consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The firm had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. During the same quarter in the previous year, the business earned $4.06 EPS. The company's quarterly revenue was up 8.3% on a year-over-year basis. Equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 17.02 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Bank of America boosted their price target on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. Citigroup lifted their target price on Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a "buy" rating in a report on Tuesday, March 10th. Barclays boosted their target price on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Wall Street Zen raised Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Weiss Ratings raised Vertex Pharmaceuticals from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, May 18th. Twenty-two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $555.91.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, EVP Joy Liu sold 1,104 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $425.02, for a total transaction of $469,222.08. Following the transaction, the executive vice president owned 20,729 shares in the company, valued at $8,810,239.58. The trade was a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sangeeta N. Bhatia sold 318 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $423.73, for a total transaction of $134,746.14. Following the completion of the sale, the director directly owned 4,924 shares in the company, valued at approximately $2,086,446.52. This represents a 6.07% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,195 shares of company stock valued at $6,801,006 over 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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