Washington Trust Bank Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Washington Trust Bank cut its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 6.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,061 shares of the pharmaceutical company’s stock after selling 2,315 shares during the period. Vertex Pharmaceuticals comprises approximately 1.3% of Washington Trust Bank’s portfolio, making the stock its 25th largest position. Washington Trust Bank’s holdings in Vertex Pharmaceuticals were worth $14,673,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in VRTX. Caxton Associates LP boosted its holdings in Vertex Pharmaceuticals by 1,383.0% during the 4th quarter. Caxton Associates LP now owns 76,803 shares of the pharmaceutical company’s stock valued at $31,250,000 after acquiring an additional 71,624 shares during the period. Ethic Inc. boosted its holdings in shares of Vertex Pharmaceuticals by 6.9% during the fourth quarter. Ethic Inc. now owns 17,636 shares of the pharmaceutical company’s stock worth $7,176,000 after purchasing an additional 1,131 shares during the period. Icon Wealth Advisors LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $1,092,000. Future Fund LLC bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at approximately $391,000. Finally, Regal Investment Advisors LLC lifted its holdings in Vertex Pharmaceuticals by 70.2% in the 4th quarter. Regal Investment Advisors LLC now owns 1,932 shares of the pharmaceutical company’s stock worth $786,000 after buying an additional 797 shares during the period. Institutional investors own 90.96% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on VRTX shares. Wolfe Research assumed coverage on Vertex Pharmaceuticals in a report on Thursday, February 15th. They set an “outperform” rating and a $515.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $440.00 target price on shares of Vertex Pharmaceuticals in a research report on Tuesday, February 20th. Guggenheim boosted their price target on shares of Vertex Pharmaceuticals from $445.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. StockNews.com lowered shares of Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 4th. Finally, Evercore ISI upgraded Vertex Pharmaceuticals from an “in-line” rating to an “outperform” rating and set a $438.00 target price on the stock in a report on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $438.48.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 7,073 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $448.00, for a total value of $3,168,704.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at $17,920,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Bruce I. Sachs sold 7,073 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $448.00, for a total transaction of $3,168,704.00. Following the completion of the sale, the director now owns 40,000 shares of the company’s stock, valued at approximately $17,920,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ourania Tatsis sold 2,350 shares of Vertex Pharmaceuticals stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $439.11, for a total value of $1,031,908.50. Following the transaction, the executive vice president now owns 53,523 shares in the company, valued at $23,502,484.53. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,518 shares of company stock worth $7,409,762. Insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ:VRTX traded down $1.75 during midday trading on Tuesday, reaching $481.53. 881,825 shares of the company’s stock traded hands, compared to its average volume of 1,223,416. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.29 and a current ratio of 3.50. Vertex Pharmaceuticals Incorporated has a one year low of $331.87 and a one year high of $486.42. The company has a market cap of $124.26 billion, a price-to-earnings ratio of 31.31, a P/E/G ratio of 2.48 and a beta of 0.41. The stock has a 50 day moving average of $424.38 and a 200 day moving average of $415.24.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.66 by $1.10. Vertex Pharmaceuticals had a net margin of 39.46% and a return on equity of 23.08%. The firm had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter last year, the firm posted $2.67 EPS. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.22 EPS for the current fiscal year.

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.