Summit Global Investments Sells 1,407 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Summit Global Investments decreased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 28.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,570 shares of the pharmaceutical company's stock after selling 1,407 shares during the quarter. Summit Global Investments' holdings in Vertex Pharmaceuticals were worth $1,731,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quent Capital LLC raised its holdings in Vertex Pharmaceuticals by 4.5% in the 1st quarter. Quent Capital LLC now owns 513 shares of the pharmaceutical company's stock valued at $249,000 after acquiring an additional 22 shares during the period. Truvestments Capital LLC increased its stake in shares of Vertex Pharmaceuticals by 30.3% during the fourth quarter. Truvestments Capital LLC now owns 99 shares of the pharmaceutical company's stock worth $40,000 after purchasing an additional 23 shares during the period. Spinnaker Trust increased its stake in shares of Vertex Pharmaceuticals by 2.1% during the fourth quarter. Spinnaker Trust now owns 1,235 shares of the pharmaceutical company's stock worth $497,000 after purchasing an additional 25 shares during the period. Strategic Advisors LLC increased its stake in shares of Vertex Pharmaceuticals by 0.6% during the fourth quarter. Strategic Advisors LLC now owns 4,486 shares of the pharmaceutical company's stock worth $1,807,000 after purchasing an additional 25 shares during the period. Finally, Moors & Cabot Inc. increased its position in Vertex Pharmaceuticals by 0.7% during the 4th quarter. Moors & Cabot Inc. now owns 3,603 shares of the pharmaceutical company's stock worth $1,451,000 after buying an additional 25 shares during the period. Institutional investors own 90.96% of the company's stock.

Insider Transactions at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP David Altshuler sold 3,231 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the completion of the transaction, the executive vice president now owns 26,512 shares in the company, valued at approximately $13,256,000. This trade represents a 10.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by corporate insiders.

Vertex Pharmaceuticals Trading Down 0.9%

NASDAQ VRTX traded down $4.08 on Friday, hitting $443.01. The company's stock had a trading volume of 2,581,676 shares, compared to its average volume of 1,420,737. The company's 50-day moving average is $469.67 and its 200 day moving average is $460.91. The firm has a market cap of $113.76 billion, a PE ratio of -201.37, a PEG ratio of 2.11 and a beta of 0.51. Vertex Pharmaceuticals Incorporated has a 1-year low of $377.85 and a 1-year high of $519.88. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share for the quarter, missing analysts' consensus estimates of $4.29 by ($0.23). The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.85 billion. Vertex Pharmaceuticals had a negative net margin of 4.86% and a negative return on equity of 2.02%. The business's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.76 earnings per share. As a group, analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. William Blair reiterated an "outperform" rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $535.00 target price on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Wall Street Zen raised shares of Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Tuesday, March 11th. Leerink Partnrs cut Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, Bank of America upped their target price on Vertex Pharmaceuticals from $555.00 to $567.00 and gave the company a "buy" rating in a research report on Monday, March 31st. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $515.04.

Vertex Pharmaceuticals Profile

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.