Summit Global Investments Sells 813 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Summit Global Investments lowered its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 14.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,977 shares of the pharmaceutical company's stock after selling 813 shares during the period. Summit Global Investments' holdings in Vertex Pharmaceuticals were worth $2,004,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dunhill Financial LLC lifted its holdings in Vertex Pharmaceuticals by 70.6% in the third quarter. Dunhill Financial LLC now owns 58 shares of the pharmaceutical company's stock worth $27,000 after purchasing an additional 24 shares during the period. Brown Lisle Cummings Inc. bought a new position in shares of Vertex Pharmaceuticals in the fourth quarter valued at approximately $30,000. Legacy Investment Solutions LLC acquired a new position in shares of Vertex Pharmaceuticals during the third quarter valued at approximately $33,000. Truvestments Capital LLC bought a new stake in Vertex Pharmaceuticals during the third quarter worth approximately $35,000. Finally, Sugar Maple Asset Management LLC bought a new position in Vertex Pharmaceuticals during the 4th quarter valued at $35,000. Institutional investors and hedge funds own 90.96% of the company's stock.

Vertex Pharmaceuticals Stock Down 1.7 %

Shares of VRTX traded down $8.76 during midday trading on Wednesday, reaching $500.28. 1,328,359 shares of the stock were exchanged, compared to its average volume of 1,222,112. The company has a market cap of $128.47 billion, a price-to-earnings ratio of -227.40, a P/E/G ratio of 2.11 and a beta of 0.41. The company has a quick ratio of 2.35, a current ratio of 2.69 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 12-month low of $377.85 and a 12-month high of $519.88. The firm has a 50 day simple moving average of $473.33 and a 200-day simple moving average of $463.34.

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Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted 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%. Research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on VRTX shares. BMO Capital Markets set a $545.00 price objective on Vertex Pharmaceuticals in a research note on Friday, January 31st. Scotiabank upped their price target on shares of Vertex Pharmaceuticals from $433.00 to $450.00 and gave the company a "sector perform" rating in a report on Tuesday, February 11th. Stifel Nicolaus lifted their price objective on shares of Vertex Pharmaceuticals from $490.00 to $494.00 and gave the stock a "hold" rating in a research note on Monday, December 16th. Canaccord Genuity Group raised shares of Vertex Pharmaceuticals from a "sell" rating to a "hold" rating and increased their target price for the company from $408.00 to $424.00 in a research note on Tuesday, February 11th. Finally, Truist Financial lifted their price target on shares of Vertex Pharmaceuticals from $460.00 to $520.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. Ten equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $506.70.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, EVP David Altshuler sold 3,231 shares of the business's stock in a transaction on Monday, March 10th. The shares were 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 directly owns 26,512 shares in the company, valued at approximately $13,256,000. The trade was a 10.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ourania Tatsis sold 244 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $455.06, for a total transaction of $111,034.64. Following the completion of the transaction, the executive vice president now owns 67,695 shares in the company, valued at $30,805,286.70. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,315 shares of company stock worth $2,121,012 over the last three months. Corporate 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.