Bank of Nova Scotia Sells 27,573 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Bank of Nova Scotia trimmed its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 36.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,097 shares of the pharmaceutical company's stock after selling 27,573 shares during the period. Bank of Nova Scotia's holdings in Vertex Pharmaceuticals were worth $18,967,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Brown Lisle Cummings Inc. bought a new position in Vertex Pharmaceuticals in the fourth quarter valued at approximately $30,000. Sugar Maple Asset Management LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth about $35,000. Golden State Wealth Management LLC acquired a new position in Vertex Pharmaceuticals during the fourth quarter worth approximately $37,000. Truvestments Capital LLC raised its stake in Vertex Pharmaceuticals by 30.3% in the fourth quarter. Truvestments Capital LLC now owns 99 shares of the pharmaceutical company's stock valued at $40,000 after buying an additional 23 shares during the period. Finally, Midwest Capital Advisors LLC acquired a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth approximately $41,000. Institutional investors own 90.96% of the company's stock.

Insider Activity at Vertex Pharmaceuticals

In related news, EVP David Altshuler sold 3,231 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the completion of the transaction, the executive vice president now directly owns 26,512 shares of the company's stock, valued at $13,256,000. This trade represents a 10.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ourania Tatsis sold 244 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $455.06, for a total value of $111,034.64. Following the completion of the sale, the executive vice president now owns 67,695 shares in the company, valued at $30,805,286.70. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,315 shares of company stock worth $2,121,012 in the last quarter. 0.20% of the stock is owned by insiders.

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Analyst Upgrades and Downgrades

A number of equities analysts have commented on VRTX shares. Scotiabank lifted their price objective on shares of Vertex Pharmaceuticals from $433.00 to $450.00 and gave the stock a "sector perform" rating in a research report on Tuesday, February 11th. JPMorgan Chase & Co. decreased their target price on Vertex Pharmaceuticals from $503.00 to $500.00 and set an "overweight" rating on the stock in a research report on Monday, December 23rd. StockNews.com raised Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Tuesday, March 11th. Royal Bank of Canada increased their price objective on Vertex Pharmaceuticals from $408.00 to $420.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 1st. Finally, Wells Fargo & Company cut shares of Vertex Pharmaceuticals from an "overweight" rating to an "equal weight" rating and set a $460.00 target price for the company. in a research report on Thursday, January 30th. Ten research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus target price of $512.41.

Vertex Pharmaceuticals Price Performance

Shares of Vertex Pharmaceuticals stock traded up $12.54 during midday trading on Monday, hitting $496.76. 803,987 shares of the company traded hands, compared to its average volume of 1,326,187. The firm's fifty day moving average price is $484.84 and its 200-day moving average price is $464.28. The stock has a market cap of $127.56 billion, a price-to-earnings ratio of -225.80, a PEG ratio of 2.11 and a beta of 0.50. 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 quick ratio of 2.35 and a current ratio of 2.69.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. As a group, sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current year.

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.