Mission Wealth Management LP Reduces Holdings in Vertex Pharmaceuticals Incorporated $VRTX

Mission Wealth Management LP lessened its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 30.5% during the 3rd quarter, Holdings Channel reports. The firm owned 3,967 shares of the pharmaceutical company’s stock after selling 1,742 shares during the quarter. Mission Wealth Management LP’s holdings in Vertex Pharmaceuticals were worth $1,554,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Chesapeake Asset Management LLC lifted its stake in Vertex Pharmaceuticals by 110.0% in the 3rd quarter. Chesapeake Asset Management LLC now owns 63 shares of the pharmaceutical company’s stock valued at $25,000 after buying an additional 33 shares in the last quarter. Access Investment Management LLC acquired a new position in shares of Vertex Pharmaceuticals in the second quarter worth $27,000. Legacy Investment Solutions LLC purchased a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at $29,000. Total Investment Management Inc. acquired a new stake in shares of Vertex Pharmaceuticals during the second quarter valued at $33,000. Finally, Financial Network Wealth Advisors LLC boosted its stake in shares of Vertex Pharmaceuticals by 50.9% during the third quarter. Financial Network Wealth Advisors LLC now owns 86 shares of the pharmaceutical company’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Vertex Pharmaceuticals

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 63,781 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $449.20, for a total transaction of $28,650,425.20. Following the completion of the sale, the chairman directly owned 24,026 shares in the company, valued at $10,792,479.20. This represents a 72.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total value of $6,384,000.00. Following the completion of the transaction, the executive vice president owned 37,725 shares in the company, valued at approximately $17,202,600. This trade represents a 27.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 165,105 shares of company stock worth $73,858,523. 0.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. upped their target price 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. Royal Bank Of Canada raised shares of Vertex Pharmaceuticals from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $455.00 to $546.00 in a research report on Thursday, January 22nd. Stifel Nicolaus decreased their target price on shares of Vertex Pharmaceuticals from $455.00 to $445.00 and set a “hold” rating on the stock in a research report on Tuesday, November 4th. Scotiabank started coverage on shares of Vertex Pharmaceuticals in a research note on Thursday, November 13th. They issued a “sector outperform” rating and a $495.00 target price for the company. Finally, Barclays raised Vertex Pharmaceuticals from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $414.00 to $606.00 in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Vertex Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $522.68.

Vertex Pharmaceuticals Stock Up 1.1%

NASDAQ:VRTX opened at $470.52 on Thursday. The company has a market cap of $119.38 billion, a P/E ratio of 33.18 and a beta of 0.30. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $362.50 and a fifty-two week high of $519.68. The firm’s 50 day moving average is $456.21 and its two-hundred day moving average is $427.39.

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

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.