Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by First Turn Management LLC

First Turn Management LLC decreased its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 30.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 35,222 shares of the pharmaceutical company's stock after selling 15,470 shares during the period. Vertex Pharmaceuticals makes up about 2.6% of First Turn Management LLC's investment portfolio, making the stock its 16th largest position. First Turn Management LLC's holdings in Vertex Pharmaceuticals were worth $16,381,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VRTX. Northwest Investment Counselors LLC acquired a new position in shares of Vertex Pharmaceuticals during the 3rd quarter valued at $25,000. Highline Wealth Partners LLC acquired a new position in shares of Vertex Pharmaceuticals during the third quarter worth about $27,000. GHP Investment Advisors Inc. purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter worth about $29,000. Stephens Consulting LLC acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at about $31,000. Finally, Founders Capital Management raised its holdings in shares of Vertex Pharmaceuticals by 50.0% during the 2nd quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company's stock valued at $35,000 after buying an additional 25 shares during the period. 90.96% of the stock is owned by institutional investors and hedge funds.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX traded down $19.00 during mid-day trading on Tuesday, hitting $448.01. The company had a trading volume of 2,191,299 shares, compared to its average volume of 1,183,779. Vertex Pharmaceuticals Incorporated has a 12 month low of $346.29 and a 12 month high of $519.88. The stock has a market cap of $115.38 billion, a price-to-earnings ratio of -226.57 and a beta of 0.39. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.20. The firm's 50 day simple moving average is $476.31 and its two-hundred day simple moving average is $472.56.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) 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. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The company had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.69 billion. During the same period last year, the business posted $3.67 earnings per share. The firm's quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post -1.82 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Royal Bank of Canada upped their price target on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a "sector perform" rating in a 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 note on Wednesday, October 30th. HC Wainwright reaffirmed a "buy" rating and set a $600.00 price target on shares of Vertex Pharmaceuticals in a research note on Monday, October 21st. Scotiabank boosted their price objective on shares of Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a "sector perform" rating in a report on Tuesday, November 5th. Finally, Canaccord Genuity Group raised their target price on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the company a "sell" rating in a research note on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $499.12.

Insiders Place Their Bets

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the company's stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the completion of the sale, the chairman now owns 9,994 shares of the company's stock, valued at $4,987,006. This represents a 27.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through 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 transaction of $323,000.00. Following the transaction, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. The trade was a 12.71 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,445 shares of company stock worth $2,218,394. Insiders own 0.20% of the company's stock.

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.