Valley Wealth Managers Inc. Decreases Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Key Points

• Valley Wealth Managers Inc. has reduced its stake in Vertex Pharmaceuticals by 2.1%, now holding 49,484 shares valued at approximately $23.99 million.
• Despite the decrease in stake, institutional investors own 90.96% of Vertex Pharmaceuticals' stock, indicating strong institutional support.
• Recent analyst ratings reflect mixed sentiments, with Cantor Fitzgerald giving an "overweight" rating and a target of $535.00, while several others have downgraded their ratings for the stock.

Valley Wealth Managers Inc. lessened its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 49,484 shares of the pharmaceutical company's stock after selling 1,040 shares during the quarter. Vertex Pharmaceuticals makes up approximately 1.8% of Valley Wealth Managers Inc.'s portfolio, making the stock its 14th biggest position. Valley Wealth Managers Inc.'s holdings in Vertex Pharmaceuticals were worth $23,991,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in VRTX. Quent Capital LLC grew its holdings in shares of Vertex Pharmaceuticals by 4.5% during the 1st quarter. Quent Capital LLC now owns 513 shares of the pharmaceutical company's stock worth $249,000 after acquiring an additional 22 shares during the period. Advisor OS LLC boosted its position in shares of Vertex Pharmaceuticals by 4.4% during the first quarter. Advisor OS LLC now owns 543 shares of the pharmaceutical company's stock valued at $263,000 after purchasing an additional 23 shares in the last quarter. Sculati Wealth Management LLC boosted its position in shares of Vertex Pharmaceuticals by 1.0% during the fourth quarter. Sculati Wealth Management LLC now owns 2,556 shares of the pharmaceutical company's stock valued at $1,029,000 after purchasing an additional 25 shares in the last quarter. Avidian Wealth Enterprises LLC grew its stake in Vertex Pharmaceuticals by 2.1% in the first quarter. Avidian Wealth Enterprises LLC now owns 1,225 shares of the pharmaceutical company's stock worth $594,000 after purchasing an additional 25 shares during the period. Finally, Strategic Blueprint LLC raised its holdings in Vertex Pharmaceuticals by 1.7% in the first quarter. Strategic Blueprint LLC now owns 1,498 shares of the pharmaceutical company's stock worth $726,000 after purchasing an additional 25 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on VRTX. Cantor Fitzgerald reissued an "overweight" rating and set a $535.00 price objective on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Erste Group Bank cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 23rd. Leerink Partnrs lowered shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Leerink Partners restated a "market perform" rating and issued a $503.00 price objective (down previously from $550.00) on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Finally, Bank of America lifted their target price on shares of Vertex Pharmaceuticals from $555.00 to $567.00 and gave the company a "buy" rating in a report on Monday, March 31st. Fourteen equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $512.30.

Vertex Pharmaceuticals Trading Down 0.6%

NASDAQ:VRTX opened at $469.65 on Friday. Vertex Pharmaceuticals Incorporated has a one year low of $377.85 and a one year high of $519.88. The business has a fifty day moving average price of $453.13 and a 200-day moving average price of $464.68. The firm has a market capitalization of $120.60 billion, a price-to-earnings ratio of -119.81 and a beta of 0.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.65 and a quick ratio of 2.29.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share for the quarter, missing the consensus estimate of $4.29 by ($0.23). The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.85 billion. Vertex Pharmaceuticals had a negative return on equity of 3.36% and a negative net margin of 8.91%. The company's quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $4.76 EPS. Sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Vertex Pharmaceuticals Company 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.

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