ClariVest Asset Management LLC Decreases Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

ClariVest Asset Management LLC cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 70.0% in the first quarter, HoldingsChannel reports. The firm owned 4,672 shares of the pharmaceutical company’s stock after selling 10,900 shares during the quarter. ClariVest Asset Management LLC’s holdings in Vertex Pharmaceuticals were worth $1,953,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Capital World Investors lifted its stake in shares of Vertex Pharmaceuticals by 21.3% in the 4th quarter. Capital World Investors now owns 21,805,770 shares of the pharmaceutical company’s stock valued at $8,872,586,000 after purchasing an additional 3,824,103 shares during the last quarter. Norges Bank purchased a new stake in Vertex Pharmaceuticals during the 4th quarter valued at $1,237,877,000. Jennison Associates LLC lifted its position in Vertex Pharmaceuticals by 21.2% in the first quarter. Jennison Associates LLC now owns 4,782,374 shares of the pharmaceutical company’s stock worth $1,999,080,000 after buying an additional 837,461 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its stake in Vertex Pharmaceuticals by 2,272.6% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 434,874 shares of the pharmaceutical company’s stock worth $176,946,000 after buying an additional 416,545 shares during the period. Finally, abrdn plc increased its position in Vertex Pharmaceuticals by 196.0% during the fourth quarter. abrdn plc now owns 581,018 shares of the pharmaceutical company’s stock valued at $236,410,000 after acquiring an additional 384,730 shares during the last quarter. Institutional investors own 90.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on VRTX. Royal Bank of Canada reduced their price target on Vertex Pharmaceuticals from $424.00 to $421.00 and set a “sector perform” rating on the stock in a report on Tuesday, June 11th. HC Wainwright restated a “buy” rating and issued a $462.00 price target on shares of Vertex Pharmaceuticals in a research note on Tuesday, May 7th. BMO Capital Markets upped their price objective on Vertex Pharmaceuticals from $480.00 to $500.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Morgan Stanley raised their target price on Vertex Pharmaceuticals from $402.00 to $455.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, UBS Group lowered their price target on Vertex Pharmaceuticals from $498.00 to $466.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $452.57.

Insider Activity at Vertex Pharmaceuticals

In related news, CEO Reshma Kewalramani sold 1,565 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $457.00, for a total value of $715,205.00. Following the sale, the chief executive officer now directly owns 121,374 shares in the company, valued at $55,467,918. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Reshma Kewalramani sold 1,565 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $457.00, for a total value of $715,205.00. Following the completion of the transaction, the chief executive officer now directly owns 121,374 shares of the company’s stock, valued at approximately $55,467,918. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Carmen Bozic sold 2,280 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $487.34, for a total value of $1,111,135.20. Following the completion of the transaction, the chief marketing officer now owns 27,819 shares of the company’s stock, valued at approximately $13,557,311.46. The disclosure for this sale can be found here. Insiders sold a total of 30,646 shares of company stock worth $14,169,923 over the last 90 days. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX stock traded down $3.39 during midday trading on Friday, hitting $488.74. The company had a trading volume of 839,838 shares, compared to its average volume of 1,089,124. Vertex Pharmaceuticals Incorporated has a 52-week low of $340.20 and a 52-week high of $496.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.50 and a quick ratio of 3.29. The company’s 50 day simple moving average is $461.03 and its 200 day simple moving average is $431.90. The stock has a market cap of $126.12 billion, a price-to-earnings ratio of 31.72, a PEG ratio of 2.52 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share for the quarter, beating analysts’ consensus estimates of $3.66 by $1.10. The firm had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.58 billion. Vertex Pharmaceuticals had a net margin of 39.46% and a return on equity of 23.08%. Vertex Pharmaceuticals’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm posted $2.67 EPS. Research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.16 earnings per share 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.