Covenant Asset Management LLC Sells 137 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Covenant Asset Management LLC cut its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,627 shares of the pharmaceutical company’s stock after selling 137 shares during the period. Vertex Pharmaceuticals accounts for 0.8% of Covenant Asset Management LLC’s holdings, making the stock its 21st biggest holding. Covenant Asset Management LLC’s holdings in Vertex Pharmaceuticals were worth $5,085,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of VRTX. Edgewood Management LLC increased its holdings in shares of Vertex Pharmaceuticals by 7,876.3% in the 3rd quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock valued at $719,186,000 after acquiring an additional 1,526,983 shares during the period. WCM Investment Management LLC purchased a new position in Vertex Pharmaceuticals in the fourth quarter valued at about $435,899,000. Jennison Associates LLC raised its holdings in Vertex Pharmaceuticals by 18.1% in the third quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock worth $2,581,373,000 after purchasing an additional 851,054 shares in the last quarter. Wellington Management Group LLP increased its position in Vertex Pharmaceuticals by 17.2% during the 3rd quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock valued at $2,231,858,000 after buying an additional 704,421 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Vertex Pharmaceuticals by 169.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 839,672 shares of the pharmaceutical company’s stock valued at $338,136,000 after purchasing an additional 528,029 shares in the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Down 0.8 %

Shares of NASDAQ:VRTX opened at $459.00 on Friday. The business has a 50-day moving average price of $435.75 and a 200 day moving average price of $461.80. 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 2.47 and a quick ratio of 2.20.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, February 10th. The pharmaceutical company reported $3.54 EPS for the quarter, missing the consensus estimate of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. As a group, analysts expect that Vertex Pharmaceuticals Incorporated will post -1.94 EPS for the current year.

Insider Transactions at Vertex Pharmaceuticals

In other news, EVP Ourania Tatsis sold 310 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $459.83, for a total value of $142,547.30. Following the completion of the transaction, the executive vice president now owns 64,021 shares of the company’s stock, valued at approximately $29,438,776.43. This trade represents a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

VRTX has been the subject of several research analyst reports. Morgan Stanley raised their price objective on Vertex Pharmaceuticals from $450.00 to $459.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Vertex Pharmaceuticals in a research note on Tuesday. Truist Financial raised their price objective on Vertex Pharmaceuticals from $460.00 to $520.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada upped their target price on Vertex Pharmaceuticals from $402.00 to $407.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, Scotiabank lifted their price target on shares of Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a “sector perform” rating in a research note on Tuesday. Ten research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $505.96.

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.