Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by Arizona State Retirement System

Key Points

• Arizona State Retirement System trimmed its stake in Vertex by 3.6%, selling 2,701 shares and holding 72,293 shares worth about $32.8 million according to the latest 13F filing.
• Insider selling was significant: insiders sold 80,431 shares (~$37.9M) in the last quarter, including EVP Duncan Mckechnie (4,910 shares at $487.65) and EVP Jonathan Biller (1,925 shares at $460.43).
• Fundamentals and analyst view: Vertex slightly missed EPS ($5.03 vs. $5.05 est.) but beat revenue ($3.19B vs. $3.18B) with revenue up 9.5% YoY, and analysts hold a "Moderate Buy" consensus with an average target near $555 and several firms raising price targets.

Arizona State Retirement System cut its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 72,293 shares of the pharmaceutical company's stock after selling 2,701 shares during the period. Arizona State Retirement System's holdings in Vertex Pharmaceuticals were worth $32,775,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Chesapeake Asset Management LLC boosted its position in shares of Vertex Pharmaceuticals by 110.0% in the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company's stock worth $25,000 after acquiring an additional 33 shares during the last quarter. Colonial Trust Co SC boosted its position in shares of Vertex Pharmaceuticals by 118.8% in the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock worth $27,000 after acquiring an additional 38 shares during the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth approximately $29,000. Financial Network Wealth Advisors LLC boosted its position in shares of Vertex Pharmaceuticals by 50.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company's stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Y.D. More Investments Ltd boosted its position in shares of Vertex Pharmaceuticals by 345.0% in the third quarter. Y.D. More Investments Ltd now owns 89 shares of the pharmaceutical company's stock worth $35,000 after acquiring an additional 69 shares during the last quarter. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Price Performance

Shares of VRTX opened at $435.10 on Friday. The stock's 50-day moving average is $459.07 and its two-hundred day moving average is $448.37. The stock has a market cap of $110.67 billion, a PE ratio of 28.38, a P/E/G ratio of 1.95 and a beta of 0.36. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $510.77.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The pharmaceutical company reported $5.03 EPS for the quarter, missing analysts' consensus estimates of $5.05 by ($0.02). The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.18 billion. Vertex Pharmaceuticals had a return on equity of 24.30% and a net margin of 32.94%.The company's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.98 EPS. On average, research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 16.77 earnings per share for the current year.

Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 4,910 shares of the company's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total value of $2,394,361.50. Following the completion of the transaction, the executive vice president directly owned 17,559 shares of the company's stock, valued at $8,562,646.35. This represents a 21.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jonathan Biller sold 1,925 shares of the business's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $460.43, for a total value of $886,327.75. Following the completion of the transaction, the executive vice president owned 20,819 shares in the company, valued at approximately $9,585,692.17. This trade represents a 8.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 80,431 shares of company stock worth $37,875,167 over the last quarter. Company insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VRTX. Scotiabank raised their target price on shares of Vertex Pharmaceuticals from $495.00 to $558.00 and gave the stock an "outperform" rating in a research report on Friday, February 13th. Weiss Ratings lowered Vertex Pharmaceuticals from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, April 14th. Bank of America lifted their price objective on Vertex Pharmaceuticals from $571.00 to $598.00 and gave the company a "buy" rating in a research note on Tuesday, March 10th. Stifel Nicolaus lifted their price objective on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the company a "hold" rating in a research note on Friday, February 13th. Finally, Barclays lifted their price objective on Vertex Pharmaceuticals from $606.00 to $607.00 and gave the company an "overweight" rating in a research note on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $555.00.

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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