Arrow Financial Corp Sells 2,220 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Arrow Financial Corp reduced its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 39.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,385 shares of the pharmaceutical company's stock after selling 2,220 shares during the quarter. Arrow Financial Corp's holdings in Vertex Pharmaceuticals were worth $1,641,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Vertex Pharmaceuticals during the fourth quarter worth $1,374,948,000. GAMMA Investing LLC increased its position in shares of Vertex Pharmaceuticals by 60,572.3% in the 1st quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company's stock valued at $1,175,722,000 after acquiring an additional 2,421,073 shares during the period. Capital World Investors increased its position in shares of Vertex Pharmaceuticals by 5.7% in the 4th quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company's stock valued at $11,406,667,000 after acquiring an additional 1,514,993 shares during the period. Capital Research Global Investors grew its position in Vertex Pharmaceuticals by 15.8% during the 4th quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company's stock worth $4,199,713,000 after purchasing an additional 1,426,746 shares during the period. Finally, Edgewood Management LLC grew its position in Vertex Pharmaceuticals by 91.2% during the 4th quarter. Edgewood Management LLC now owns 2,956,608 shares of the pharmaceutical company's stock worth $1,190,626,000 after purchasing an additional 1,410,238 shares during the period. Institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VRTX shares. Wolfe Research cut Vertex Pharmaceuticals from an "outperform" rating to a "peer perform" rating in a report on Wednesday, May 7th. Morgan Stanley cut their target price on Vertex Pharmaceuticals from $464.00 to $460.00 and set an "equal weight" rating on the stock in a research report on Friday, June 20th. Needham & Company LLC reiterated a "hold" rating on shares of Vertex Pharmaceuticals 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 research note on Tuesday, May 6th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Vertex Pharmaceuticals in a report on Tuesday, May 6th. Fourteen research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $511.71.

Vertex Pharmaceuticals Stock Down 0.3%

Shares of VRTX traded down $1.32 during mid-day trading on Monday, reaching $458.49. The company had a trading volume of 800,991 shares, compared to its average volume of 1,417,062. The company's 50 day simple moving average is $449.49 and its 200 day simple moving average is $463.28. The company has a current ratio of 2.65, a quick ratio of 2.29 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 1-year low of $377.85 and a 1-year high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.85 billion. Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The business's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.76 EPS. On average, sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

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.