Washington Trust Bank Lowers Stock Holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Washington Trust Bank cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,811 shares of the pharmaceutical company's stock after selling 1,460 shares during the period. Washington Trust Bank's holdings in Vertex Pharmaceuticals were worth $12,005,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on VRTX shares. Bank of America lowered their price objective on shares of Vertex Pharmaceuticals from $545.00 to $522.00 and set a "buy" rating on the stock in a report on Thursday, December 19th. Barclays upped their target price on shares of Vertex Pharmaceuticals from $435.00 to $467.00 and gave the stock an "equal weight" rating in a report on Tuesday, February 11th. William Blair reiterated an "outperform" rating on shares of Vertex Pharmaceuticals in a research note on Friday, January 31st. Piper Sandler lowered their price objective on Vertex Pharmaceuticals from $535.00 to $533.00 and set an "overweight" rating for the company in a research note on Monday, January 27th. Finally, Oppenheimer cut Vertex Pharmaceuticals from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. Ten analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $506.70.

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Insider Buying and Selling

In other Vertex Pharmaceuticals news, EVP David Altshuler sold 3,231 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now owns 26,512 shares of the company's stock, valued at $13,256,000. This trade represents a 10.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ourania Tatsis sold 244 shares of Vertex Pharmaceuticals stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $455.06, for a total value of $111,034.64. Following the sale, the executive vice president now owns 67,695 shares of the company's stock, valued at approximately $30,805,286.70. This trade represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,315 shares of company stock valued at $2,121,012. Company insiders own 0.20% of the company's stock.

Vertex Pharmaceuticals Stock Performance

Vertex Pharmaceuticals stock traded down $8.76 during mid-day trading on Wednesday, reaching $500.28. The company's stock had a trading volume of 1,328,359 shares, compared to its average volume of 1,221,423. The firm's fifty day moving average price is $471.81 and its two-hundred day moving average price is $463.08. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.35 and a current ratio of 2.69. Vertex Pharmaceuticals Incorporated has a 12-month low of $377.85 and a 12-month high of $519.88. The company has a market capitalization of $128.47 billion, a P/E ratio of -227.40, a PEG ratio of 2.11 and a beta of 0.41.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last issued its quarterly earnings data 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 return on equity of 2.02% and a negative net margin of 4.86%. Sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

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.