WASHINGTON TRUST Co Lowers Stock Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

WASHINGTON TRUST Co decreased its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 86.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98 shares of the pharmaceutical company's stock after selling 600 shares during the quarter. WASHINGTON TRUST Co's holdings in Vertex Pharmaceuticals were worth $48,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Jones Financial Companies Lllp boosted its holdings in shares of Vertex Pharmaceuticals by 75.5% in the fourth quarter. Jones Financial Companies Lllp now owns 2,468 shares of the pharmaceutical company's stock valued at $994,000 after purchasing an additional 1,062 shares during the period. Aries Wealth Management purchased a new stake in shares of Vertex Pharmaceuticals in the 1st quarter worth $293,000. Polar Asset Management Partners Inc. bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth $22,954,000. Brighton Jones LLC increased its stake in shares of Vertex Pharmaceuticals by 45.0% during the first quarter. Brighton Jones LLC now owns 6,421 shares of the pharmaceutical company's stock valued at $3,113,000 after buying an additional 1,994 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Vertex Pharmaceuticals by 25.1% in the first quarter. GAMMA Investing LLC now owns 5,002 shares of the pharmaceutical company's stock valued at $2,425,000 after acquiring an additional 1,005 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX traded down $2.40 on Friday, hitting $454.64. 763,957 shares of the company's stock traded hands, compared to its average volume of 1,418,533. The firm's 50-day moving average price is $451.62 and its two-hundred day moving average price is $458.44. The firm has a market capitalization of $116.75 billion, a PE ratio of -115.98 and a beta of 0.41. 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 posted its earnings results on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.29 by ($0.23). The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.85 billion. Vertex Pharmaceuticals had a negative net margin of 8.91% and a negative return on equity of 3.36%. The company's revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.76 earnings per share. As a group, analysts expect that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VRTX. Wall Street Zen raised Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a research report on Tuesday, March 11th. Erste Group Bank cut shares of Vertex Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Friday, May 23rd. HC Wainwright reiterated a "buy" rating and set a $550.00 price objective on shares of Vertex Pharmaceuticals in a research note on Monday, June 23rd. Bank of America raised their target price on shares of Vertex Pharmaceuticals from $555.00 to $567.00 and gave the company a "buy" rating in a research note on Monday, March 31st. Finally, Leerink Partners reaffirmed a "market perform" rating and set a $503.00 price target (down from $550.00) on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Fourteen 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 company's stock. According to MarketBeat.com, Vertex Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $511.62.

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.