Jeffrey Leiden Sells 63,781 Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Chairman Jeffrey Leiden sold 63,781 shares of Vertex Pharmaceuticals stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $449.20, for a total value of $28,650,425.20. Following the completion of the transaction, the chairman owned 24,026 shares of the company’s stock, valued at approximately $10,792,479.20. This represents a 72.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Vertex Pharmaceuticals Trading Down 0.4%

Shares of VRTX stock opened at $455.48 on Friday. The company has a market capitalization of $115.56 billion, a P/E ratio of 32.12 and a beta of 0.32. Vertex Pharmaceuticals Incorporated has a 12-month low of $362.50 and a 12-month high of $519.68. The business’s 50 day moving average is $422.14 and its two-hundred day moving average is $425.37.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 3rd. The pharmaceutical company reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.58 by $0.22. Vertex Pharmaceuticals had a return on equity of 23.51% and a net margin of 31.35%.The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same period in the prior year, the company posted $4.38 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. On average, research analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in VRTX. Activest Wealth Management purchased a new position in Vertex Pharmaceuticals during the first quarter worth approximately $25,000. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Vertex Pharmaceuticals by 450.0% during the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 55 shares of the pharmaceutical company’s stock worth $27,000 after acquiring an additional 45 shares during the period. Access Investment Management LLC acquired a new position in shares of Vertex Pharmaceuticals during the 2nd quarter valued at about $27,000. Chesapeake Asset Management LLC grew its holdings in shares of Vertex Pharmaceuticals by 110.0% in the third quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock valued at $25,000 after purchasing an additional 33 shares during the period. Finally, Flaharty Asset Management LLC acquired a new stake in Vertex Pharmaceuticals during the first quarter worth about $32,000. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on VRTX. JPMorgan Chase & Co. increased their price objective on shares of Vertex Pharmaceuticals from $517.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. UBS Group lowered their price objective on Vertex Pharmaceuticals from $553.00 to $546.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Wall Street Zen cut Vertex Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Friday, August 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Vertex Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Citigroup lifted their price target on Vertex Pharmaceuticals from $550.00 to $575.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $498.25.

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.