Washington Trust Bank Cuts Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Washington Trust Bank lowered its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX - Free Report) by 5.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 31,271 shares of the pharmaceutical company's stock after selling 1,752 shares during the quarter. Vertex Pharmaceuticals accounts for 1.4% of Washington Trust Bank's portfolio, making the stock its 25th biggest position. Washington Trust Bank's holdings in Vertex Pharmaceuticals were worth $14,544,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Northwest Investment Counselors LLC bought a new position in shares of Vertex Pharmaceuticals during the third quarter valued at approximately $25,000. Highline Wealth Partners LLC bought a new position in Vertex Pharmaceuticals in the third quarter worth $27,000. GHP Investment Advisors Inc. bought a new position in Vertex Pharmaceuticals in the second quarter worth $29,000. Stephens Consulting LLC bought a new position in Vertex Pharmaceuticals in the second quarter worth $31,000. Finally, Founders Capital Management raised its holdings in Vertex Pharmaceuticals by 50.0% in the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company's stock worth $35,000 after purchasing an additional 25 shares in the last quarter. Institutional investors own 90.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on VRTX shares. Needham & Company LLC reiterated a "hold" rating on shares of Vertex Pharmaceuticals in a report on Friday, July 26th. StockNews.com upgraded Vertex Pharmaceuticals from a "hold" rating to a "buy" rating in a report on Tuesday. Royal Bank of Canada increased their price objective on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a "sector perform" rating in a report on Tuesday. Scotiabank increased their target price on Vertex Pharmaceuticals from $480.00 to $486.00 and gave the stock a "sector perform" rating in a research note on Tuesday. Finally, TD Cowen increased their target price on Vertex Pharmaceuticals from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Tuesday, July 23rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $495.96.

Vertex Pharmaceuticals Stock Performance

Shares of NASDAQ VRTX traded up $8.81 during trading on Thursday, hitting $502.45. The company had a trading volume of 976,076 shares, compared to its average volume of 1,171,194. The stock has a 50 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 0.02, a quick ratio of 2.26 and a current ratio of 2.52. Vertex Pharmaceuticals Incorporated has a 12 month low of $341.90 and a 12 month high of $510.64. The firm has a market capitalization of $129.68 billion, a P/E ratio of -252.37 and a beta of 0.39.

Vertex Pharmaceuticals (NASDAQ:VRTX - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 EPS for the quarter, topping the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.88% and a negative net margin of 4.52%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter last year, the company earned $3.67 earnings per share. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, analysts anticipate that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current year.

Insider Transactions at Vertex Pharmaceuticals

In related news, Director Sangeeta N. Bhatia sold 646 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $500.00, for a total transaction of $323,000.00. Following the sale, the director now owns 4,435 shares of the company's stock, valued at approximately $2,217,500. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the transaction, the chairman now owns 9,994 shares in the company, valued at $4,987,006. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $500.00, for a total value of $323,000.00. Following the transaction, the director now owns 4,435 shares of the company's stock, valued at $2,217,500. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

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.