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

Comerica Bank lessened its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 6.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 54,380 shares of the pharmaceutical company’s stock after selling 3,706 shares during the quarter. Comerica Bank’s holdings in Vertex Pharmaceuticals were worth $22,732,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at $25,000. Arlington Trust Co LLC increased its position in shares of Vertex Pharmaceuticals by 97.1% in the 4th quarter. Arlington Trust Co LLC now owns 67 shares of the pharmaceutical company’s stock valued at $27,000 after acquiring an additional 33 shares during the period. Annapolis Financial Services LLC acquired a new position in shares of Vertex Pharmaceuticals in the 1st quarter valued at $27,000. ICA Group Wealth Management LLC acquired a new position in shares of Vertex Pharmaceuticals in the 4th quarter valued at $28,000. Finally, Baystate Wealth Management LLC increased its position in shares of Vertex Pharmaceuticals by 49.0% in the 4th quarter. Baystate Wealth Management LLC now owns 76 shares of the pharmaceutical company’s stock valued at $31,000 after acquiring an additional 25 shares during the period. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Vertex Pharmaceuticals Stock Performance

NASDAQ:VRTX traded up $10.53 during mid-day trading on Thursday, hitting $506.25. The stock had a trading volume of 839,530 shares, compared to its average volume of 1,201,644. The stock has a market capitalization of $130.64 billion, a price-to-earnings ratio of 32.17, a P/E/G ratio of 2.65 and a beta of 0.39. The company has a current ratio of 3.50, a quick ratio of 3.29 and a debt-to-equity ratio of 0.02. The company has a 50 day simple moving average of $477.40 and a 200-day simple moving average of $438.87. Vertex Pharmaceuticals Incorporated has a 52 week low of $340.20 and a 52 week high of $508.92.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, May 6th. The pharmaceutical company reported $4.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.66 by $1.10. The company had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Vertex Pharmaceuticals had a net margin of 39.46% and a return on equity of 23.08%. The business’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.67 EPS. On average, research analysts expect that Vertex Pharmaceuticals Incorporated will post -0.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on VRTX. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Friday, July 26th. Royal Bank of Canada decreased their target price on shares of Vertex Pharmaceuticals from $424.00 to $421.00 and set a “sector perform” rating on the stock in a research note on Tuesday, June 11th. Cantor Fitzgerald lifted their target price on shares of Vertex Pharmaceuticals from $440.00 to $480.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Oppenheimer reiterated an “outperform” rating and issued a $500.00 target price on shares of Vertex Pharmaceuticals in a report on Monday, April 15th. Finally, Canaccord Genuity Group lifted their target price on shares of Vertex Pharmaceuticals from $371.00 to $376.00 and gave the company a “sell” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $460.52.

Insider Buying and Selling

In related news, CEO Reshma Kewalramani sold 1,565 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $457.00, for a total transaction of $715,205.00. Following the completion of the sale, 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 legal filing with the SEC, which is available through this link. In other Vertex Pharmaceuticals news, Director Bruce I. Sachs sold 7,073 shares of the stock in a transaction dated 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 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 can be accessed through this hyperlink. Also, CEO Reshma Kewalramani sold 1,565 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $457.00, for a total transaction of $715,205.00. Following the sale, the chief executive officer now directly owns 121,374 shares in the company, valued at approximately $55,467,918. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,128 shares of company stock worth $22,839,005. 0.20% of the stock is owned by company insiders.

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.