Washington Trust Bank Reduces Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Washington Trust Bank cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,300 shares of the pharmaceutical company's stock after selling 1,511 shares during the period. Vertex Pharmaceuticals comprises approximately 1.4% of Washington Trust Bank's portfolio, making the stock its 26th largest position. Washington Trust Bank's holdings in Vertex Pharmaceuticals were worth $13,720,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its position in shares of Vertex Pharmaceuticals by 75.5% in the 4th quarter. Jones Financial Companies Lllp now owns 2,468 shares of the pharmaceutical company's stock worth $994,000 after purchasing an additional 1,062 shares during the period. Aries Wealth Management acquired a new position in shares of Vertex Pharmaceuticals in the 1st quarter worth approximately $293,000. Polar Asset Management Partners Inc. acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter worth approximately $22,954,000. Brighton Jones LLC lifted its position in shares of Vertex Pharmaceuticals by 45.0% in the 1st quarter. Brighton Jones LLC now owns 6,421 shares of the pharmaceutical company's stock worth $3,113,000 after purchasing an additional 1,994 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Vertex Pharmaceuticals by 25.1% in the 1st quarter. GAMMA Investing LLC now owns 5,002 shares of the pharmaceutical company's stock worth $2,425,000 after purchasing an additional 1,005 shares during the period. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Down 0.0%

Shares of NASDAQ VRTX traded down $0.21 during trading on Monday, hitting $459.41. The stock had a trading volume of 1,589,724 shares, compared to its average volume of 1,421,496. Vertex Pharmaceuticals Incorporated has a 12 month low of $377.85 and a 12 month high of $519.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.65 and a quick ratio of 2.29. The company has a market capitalization of $117.98 billion, a PE ratio of -117.20 and a beta of 0.41. The firm has a fifty day moving average of $450.84 and a two-hundred day moving average of $458.85.

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VRTX shares. Leerink Partners restated a "market perform" rating and issued a $503.00 price target (down previously from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Vertex Pharmaceuticals from $512.00 to $515.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $535.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 6th. HC Wainwright reiterated a "buy" rating and issued a $550.00 price objective on shares of Vertex Pharmaceuticals in a research note on Monday, June 23rd. Finally, Leerink Partnrs lowered shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Fourteen research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $511.62.

About Vertex Pharmaceuticals

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.