Fisher Asset Management LLC Decreases Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Fisher Asset Management LLC cut its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 3.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,022 shares of the pharmaceutical company's stock after selling 1,083 shares during the period. Fisher Asset Management LLC's holdings in Vertex Pharmaceuticals were worth $12,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Groesbeck Investment Management Corp NJ raised its holdings in Vertex Pharmaceuticals by 1.2% in the second quarter. Groesbeck Investment Management Corp NJ now owns 1,794 shares of the pharmaceutical company's stock valued at $841,000 after acquiring an additional 21 shares in the last quarter. Mutual Advisors LLC grew its holdings in shares of Vertex Pharmaceuticals by 0.6% in the 3rd quarter. Mutual Advisors LLC now owns 3,710 shares of the pharmaceutical company's stock worth $1,751,000 after acquiring an additional 21 shares during the period. Institute for Wealth Management LLC. lifted its holdings in shares of Vertex Pharmaceuticals by 0.6% in the second quarter. Institute for Wealth Management LLC. now owns 3,586 shares of the pharmaceutical company's stock valued at $1,681,000 after purchasing an additional 22 shares in the last quarter. Drive Wealth Management LLC increased its position in Vertex Pharmaceuticals by 2.0% during the 2nd quarter. Drive Wealth Management LLC now owns 1,101 shares of the pharmaceutical company's stock worth $516,000 after purchasing an additional 22 shares in the last quarter. Finally, Daymark Wealth Partners LLC raised its position in shares of 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 buying an additional 22 shares during the last quarter. 90.96% of the stock is owned by hedge funds and other institutional investors.

Vertex Pharmaceuticals Stock Performance

VRTX traded down $2.51 during midday trading on Thursday, reaching $464.56. The company had a trading volume of 1,006,922 shares, compared to its average volume of 1,458,124. The company has a market cap of $119.64 billion, a P/E ratio of -233.45 and a beta of 0.39. Vertex Pharmaceuticals Incorporated has a 1 year low of $346.29 and a 1 year high of $519.88. The business has a 50-day moving average of $473.08 and a two-hundred day moving average of $474.28. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.69 billion. During the same quarter last year, the business posted $3.67 EPS. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts predict that Vertex Pharmaceuticals Incorporated will post -1.83 earnings per share for the current fiscal year.

Insider Activity at Vertex Pharmaceuticals

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

Analyst Upgrades and Downgrades

VRTX has been the topic of a number of research analyst reports. UBS Group lifted their target price on Vertex Pharmaceuticals from $562.00 to $586.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. StockNews.com lowered Vertex Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a research report on Thursday, November 21st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $480.00 price target on shares of Vertex Pharmaceuticals in a report on Tuesday, November 5th. Morgan Stanley upped their target price on Vertex Pharmaceuticals from $473.00 to $476.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Finally, Barclays lowered Vertex Pharmaceuticals from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $472.00 to $509.00 in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $504.38.

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.