SVB Wealth LLC Sells 4,354 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Key Points

• SVB Wealth LLC cut its Vertex Pharmaceuticals stake by 58.7% in the fourth quarter, selling 4,354 shares and leaving it with 3,061 shares worth about $1.39 million.
• Vertex reported strong quarterly results, posting EPS of $4.47, ahead of estimates, while revenue came in at $2.99 billion and rose 8.3% year over year.
• Analysts remain constructive on VRTX, with the stock carrying a “Moderate Buy” consensus and an average price target of $555.17, even as some firms trimmed targets or kept hold ratings.

SVB Wealth LLC lessened its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 58.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,061 shares of the pharmaceutical company's stock after selling 4,354 shares during the quarter. SVB Wealth LLC's holdings in Vertex Pharmaceuticals were worth $1,388,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VRTX. Capital International Investors raised its stake in Vertex Pharmaceuticals by 77.9% during the 3rd quarter. Capital International Investors now owns 4,689,059 shares of the pharmaceutical company's stock valued at $1,836,550,000 after purchasing an additional 2,053,156 shares during the period. Capital Research Global Investors raised its stake in Vertex Pharmaceuticals by 2.8% during the 3rd quarter. Capital Research Global Investors now owns 16,553,281 shares of the pharmaceutical company's stock valued at $6,482,978,000 after purchasing an additional 444,990 shares during the period. Nordea Investment Management AB increased its stake in Vertex Pharmaceuticals by 1,373.1% in the 3rd quarter. Nordea Investment Management AB now owns 361,085 shares of the pharmaceutical company's stock worth $140,119,000 after acquiring an additional 336,573 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Vertex Pharmaceuticals by 520.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 381,195 shares of the pharmaceutical company's stock worth $149,291,000 after acquiring an additional 319,725 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Vertex Pharmaceuticals by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 24,216,865 shares of the pharmaceutical company's stock worth $9,484,293,000 after acquiring an additional 243,088 shares during the last quarter. Institutional investors own 90.96% of the company's stock.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP Amit Sachdev sold 58,613 shares of the business's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $468.83, for a total transaction of $27,479,532.79. Following the completion of the transaction, the executive vice president owned 58,934 shares in the company, valued at $27,630,027.22. The trade was a 49.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Carmen Bozic sold 2,329 shares of the business's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $481.79, for a total value of $1,122,088.91. Following the transaction, the chief marketing officer owned 35,405 shares of the company's stock, valued at approximately $17,057,774.95. The trade was a 6.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 81,853 shares of company stock worth $38,479,135 over the last quarter. 0.20% of the stock is owned by insiders.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $435.17 on Tuesday. The company has a market cap of $110.45 billion, a P/E ratio of 25.81, a P/E/G ratio of 1.84 and a beta of 0.30. The business's 50 day moving average price is $448.49 and its 200-day moving average price is $449.92. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $507.92.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.23. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.99 billion. Vertex Pharmaceuticals had a return on equity of 23.86% and a net margin of 35.51%.The company's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.06 EPS. As a group, equities analysts predict that Vertex Pharmaceuticals Incorporated will post 16.96 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on VRTX shares. Truist Financial raised Vertex Pharmaceuticals to a "strong-buy" rating in a research note on Monday, April 27th. Canaccord Genuity Group reduced their price objective on Vertex Pharmaceuticals from $437.00 to $436.00 and set a "hold" rating on the stock in a research note on Tuesday, May 5th. Jefferies Financial Group started coverage on Vertex Pharmaceuticals in a research report on Tuesday, March 10th. They set a "buy" rating and a $580.00 price objective on the stock. Oppenheimer boosted their target price on Vertex Pharmaceuticals from $540.00 to $600.00 and gave the company an "outperform" rating in a research report on Tuesday, March 10th. Finally, Stifel Nicolaus boosted their target price on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a "hold" rating in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $555.17.

Vertex Pharmaceuticals Profile

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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