Vertex Pharmaceuticals Incorporated $VRTX Shares Sold by Intermede Investment Partners Ltd

Key Points

• Intermede Investment Partners reduced its Vertex Pharmaceuticals stake by 4.7% in the fourth quarter, selling 6,645 shares and leaving it with 133,378 shares valued at about $60.5 million.
• Vertex reported stronger-than-expected quarterly earnings, posting EPS of $4.47 versus the $4.24 estimate, while revenue of $2.99 billion matched forecasts and rose 8.3% year over year.
• Insider selling has continued, with executives Duncan Mckechnie and Joy Liu among those selling shares; insiders have sold 21,189 shares worth about $9.9 million over the last 90 days.

Intermede Investment Partners Ltd cut its stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 133,378 shares of the pharmaceutical company's stock after selling 6,645 shares during the period. Vertex Pharmaceuticals makes up 2.5% of Intermede Investment Partners Ltd's holdings, making the stock its 19th biggest holding. Intermede Investment Partners Ltd owned approximately 0.05% of Vertex Pharmaceuticals worth $60,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in VRTX. Colonial Trust Co SC increased its position in shares of Vertex Pharmaceuticals by 118.8% during the third quarter. Colonial Trust Co SC now owns 70 shares of the pharmaceutical company's stock valued at $27,000 after acquiring an additional 38 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $29,000. IMG Wealth Management Inc. grew its holdings in shares of Vertex Pharmaceuticals by 277.8% in the fourth quarter. IMG Wealth Management Inc. now owns 68 shares of the pharmaceutical company's stock valued at $31,000 after purchasing an additional 50 shares in the last quarter. Ares Financial Consulting LLC acquired a new position in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $33,000. Finally, Archer Investment Corp grew its holdings in shares of Vertex Pharmaceuticals by 89.7% in the fourth quarter. Archer Investment Corp now owns 74 shares of the pharmaceutical company's stock valued at $34,000 after purchasing an additional 35 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, EVP Duncan Mckechnie sold 4,910 shares of the business's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $487.65, for a total transaction of $2,394,361.50. Following the completion of the transaction, the executive vice president owned 17,559 shares in the company, valued at $8,562,646.35. The trade was a 21.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Joy Liu sold 1,104 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $425.02, for a total transaction of $469,222.08. Following the transaction, the executive vice president owned 20,729 shares of the company's stock, valued at $8,810,239.58. This trade represents a 5.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 21,189 shares of company stock worth $9,923,036 over the last ninety days. 0.20% of the stock is currently owned by insiders.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $434.52 on Monday. Vertex Pharmaceuticals Incorporated has a 52 week low of $362.50 and a 52 week high of $507.92. The stock has a market capitalization of $110.28 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.86 and a beta of 0.30. The firm has a 50 day moving average of $441.55 and a two-hundred day moving average of $451.02.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping the consensus estimate of $4.24 by $0.23. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The company had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $2.99 billion. During the same quarter in the previous year, the business posted $4.06 EPS. The firm's revenue was up 8.3% on a year-over-year basis. On average, equities research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VRTX. Sanford C. Bernstein dropped their price objective on shares of Vertex Pharmaceuticals from $577.00 to $572.00 and set an "outperform" rating for the company in a report on Tuesday, May 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $590.00 target price on shares of Vertex Pharmaceuticals in a report on Friday, February 13th. HC Wainwright upped their price target on Vertex Pharmaceuticals from $591.00 to $641.00 and gave the stock a "buy" rating in a report on Tuesday, March 10th. Stifel Nicolaus upped their price target on Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a "hold" rating in a report on Friday, February 13th. Finally, Barclays upped their price target on Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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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