Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by Associated Banc Corp

Associated Banc Corp decreased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,119 shares of the pharmaceutical company’s stock after selling 362 shares during the quarter. Associated Banc Corp’s holdings in Vertex Pharmaceuticals were worth $4,241,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in VRTX. Groesbeck Investment Management Corp NJ grew its holdings in Vertex Pharmaceuticals by 1.2% during the 2nd quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company’s stock worth $841,000 after acquiring an additional 21 shares in the last quarter. Mutual Advisors LLC increased its stake in Vertex Pharmaceuticals by 0.6% during the third quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company’s stock valued at $1,751,000 after purchasing an additional 21 shares during the last quarter. Institute for Wealth Management LLC. lifted its position in shares of Vertex Pharmaceuticals by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company’s stock worth $1,681,000 after buying an additional 22 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in shares of Vertex Pharmaceuticals by 2.0% in the 2nd quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company’s stock valued at $516,000 after buying an additional 22 shares during the period. Finally, Daymark Wealth Partners LLC boosted its stake in Vertex Pharmaceuticals by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 804 shares of the pharmaceutical company’s stock valued at $374,000 after acquiring an additional 22 shares during the period. Hedge funds and other institutional investors own 90.96% of the company’s stock.

Insider Buying and Selling at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the transaction, the chairman now owns 9,994 shares of the company’s stock, valued at $4,987,006. The trade was a 27.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. This represents a 12.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,445 shares of company stock worth $2,218,394 over the last three months. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on VRTX shares. JPMorgan Chase & Co. dropped their target price on Vertex Pharmaceuticals from $510.00 to $503.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Oppenheimer decreased their target price on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. HC Wainwright reissued a “buy” rating and issued a $600.00 price objective on shares of Vertex Pharmaceuticals in a report on Monday, October 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $480.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada lifted their price objective on shares of Vertex Pharmaceuticals from $437.00 to $451.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $504.38.

Vertex Pharmaceuticals Stock Up 2.4 %

Shares of Vertex Pharmaceuticals stock opened at $461.71 on Tuesday. The firm has a market cap of $118.90 billion, a price-to-earnings ratio of -232.02 and a beta of 0.39. The stock has a 50-day simple moving average of $473.55 and a 200-day simple moving average of $474.04. Vertex Pharmaceuticals Incorporated has a 52-week low of $346.29 and a 52-week 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 posted its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.69 billion. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.67 earnings per share. On average, equities research analysts expect that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current fiscal year.

Vertex Pharmaceuticals 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.