Maryland State Retirement & Pension System Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Maryland State Retirement & Pension System decreased its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,932 shares of the pharmaceutical company's stock after selling 980 shares during the period. Maryland State Retirement & Pension System's holdings in Vertex Pharmaceuticals were worth $5,610,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Parnassus Investments LLC purchased a new position in shares of Vertex Pharmaceuticals during the fourth quarter valued at $731,283,000. Edgewood Management LLC increased its position in Vertex Pharmaceuticals by 7,876.3% during the 3rd quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company's stock valued at $719,186,000 after purchasing an additional 1,526,983 shares during the period. WCM Investment Management LLC bought a new stake in shares of Vertex Pharmaceuticals in the 4th quarter valued at about $435,899,000. Jennison Associates LLC lifted its position in shares of Vertex Pharmaceuticals by 18.1% in the 3rd 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 during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Vertex Pharmaceuticals by 17.2% during the third quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company's stock valued at $2,231,858,000 after purchasing an additional 704,421 shares in the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

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Vertex Pharmaceuticals Price Performance

Shares of Vertex Pharmaceuticals stock traded up $8.54 on Monday, hitting $511.74. The company's stock had a trading volume of 1,237,571 shares, compared to its average volume of 1,221,134. The company has a market capitalization of $131.41 billion, a price-to-earnings ratio of -232.61, a price-to-earnings-growth ratio of 2.11 and a beta of 0.41. Vertex Pharmaceuticals Incorporated has a 1 year low of $377.85 and a 1 year 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. The firm has a fifty day moving average price of $467.89 and a 200-day moving average price of $462.49.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last announced 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 net margin of 4.86% and a negative return on equity of 2.02%. As a group, sell-side analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on VRTX. Jefferies Financial Group upgraded Vertex Pharmaceuticals from a "hold" rating to a "buy" rating and upped their target price for the stock from $500.00 to $550.00 in a report on Monday, December 9th. Cantor Fitzgerald restated an "overweight" rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a research note on Tuesday, February 11th. HC Wainwright reiterated a "buy" rating and issued a $550.00 target price on shares of Vertex Pharmaceuticals in a research note on Tuesday, February 11th. William Blair reissued an "outperform" rating on shares of Vertex Pharmaceuticals in a research report on Friday, January 31st. Finally, Royal Bank of Canada lifted their price objective on shares of Vertex Pharmaceuticals from $407.00 to $408.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $506.70.

Insider Buying and Selling

In related news, EVP David Altshuler sold 3,231 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $500.00, for a total value of $1,615,500.00. Following the completion of the sale, the executive vice president now owns 26,512 shares of the company's stock, valued at approximately $13,256,000. This trade represents a 10.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ourania Tatsis sold 310 shares of Vertex Pharmaceuticals stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $459.83, for a total value of $142,547.30. Following the transaction, the executive vice president now owns 64,021 shares in the company, valued at approximately $29,438,776.43. This represents a 0.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,315 shares of company stock worth $2,121,012. 0.20% of the stock is owned by corporate insiders.

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.