Summit Global Investments Decreases Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Summit Global Investments trimmed its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 39.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,790 shares of the pharmaceutical company's stock after selling 3,829 shares during the period. Summit Global Investments' holdings in Vertex Pharmaceuticals were worth $2,693,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norden Group LLC grew its position in Vertex Pharmaceuticals by 61.3% during the first quarter. Norden Group LLC now owns 992 shares of the pharmaceutical company's stock worth $415,000 after buying an additional 377 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Vertex Pharmaceuticals by 33.0% in the 1st quarter. Quent Capital LLC now owns 399 shares of the pharmaceutical company's stock worth $167,000 after buying an additional 99 shares in the last quarter. Larson Financial Group LLC boosted its stake in Vertex Pharmaceuticals by 714.3% in the 1st quarter. Larson Financial Group LLC now owns 228 shares of the pharmaceutical company's stock valued at $95,000 after buying an additional 200 shares in the last quarter. Advisory Alpha LLC bought a new stake in Vertex Pharmaceuticals in the first quarter valued at $356,000. Finally, Advisory Services Network LLC raised its stake in Vertex Pharmaceuticals by 31.7% during the first quarter. Advisory Services Network LLC now owns 9,751 shares of the pharmaceutical company's stock worth $4,076,000 after acquiring an additional 2,348 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Sangeeta N. Bhatia sold 646 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $500.00, for a total value of $323,000.00. Following the sale, the director now directly owns 4,435 shares of the company's stock, valued at approximately $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Vertex Pharmaceuticals news, Director Sangeeta N. Bhatia sold 646 shares of the company's stock in a transaction dated Friday, August 30th. The stock was 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 $2,217,500. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Jeffrey M. Leiden sold 3,784 shares of Vertex Pharmaceuticals stock in a transaction that occurred on 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 sale, the chairman now directly owns 9,994 shares in the company, valued at $4,987,006. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Vertex Pharmaceuticals Trading Up 2.8 %

NASDAQ:VRTX traded up $13.95 on Friday, reaching $516.40. 811,879 shares of the company's stock were exchanged, compared to its average volume of 1,169,613. The stock has a fifty day simple moving average of $474.81 and a 200-day simple moving average of $466.95. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.47 and a quick ratio of 2.26. Vertex Pharmaceuticals Incorporated has a 52 week low of $341.90 and a 52 week high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, beating analysts' consensus estimates of $3.61 by $0.77. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The business 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 earned $3.67 earnings per share. The business's quarterly revenue was up 11.6% on a year-over-year basis. On average, analysts anticipate that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Bank of America dropped their price target on Vertex Pharmaceuticals from $550.00 to $541.00 and set a "buy" rating for the company in a report on Monday, October 14th. Raymond James restated a "market perform" rating on shares of Vertex Pharmaceuticals in a research report on Thursday, October 10th. Scotiabank lifted their price target on shares of Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a "sector perform" rating in a research report on Tuesday. Barclays lowered Vertex Pharmaceuticals from an "overweight" rating to an "equal weight" rating and boosted their target price for the stock from $472.00 to $509.00 in a research report on Monday, August 5th. Finally, Guggenheim increased their target price on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the stock a "buy" rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $495.96.

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.