PNC Financial Services Group Inc. Cuts Stock Holdings in Vertex Pharmaceuticals Incorporated $VRTX

PNC Financial Services Group Inc. trimmed its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 8.4% during the 3rd quarter, Holdings Channel reports. The firm owned 69,772 shares of the pharmaceutical company’s stock after selling 6,384 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Vertex Pharmaceuticals were worth $27,326,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC increased its holdings in shares of Vertex Pharmaceuticals by 15.0% in the 4th quarter. Brighton Jones LLC now owns 4,427 shares of the pharmaceutical company’s stock worth $1,783,000 after buying an additional 579 shares during the last quarter. Stratos Wealth Advisors LLC grew its position in Vertex Pharmaceuticals by 6.3% in the second quarter. Stratos Wealth Advisors LLC now owns 454 shares of the pharmaceutical company’s stock worth $202,000 after acquiring an additional 27 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in Vertex Pharmaceuticals by 18.6% in the second quarter. Chicago Partners Investment Group LLC now owns 1,124 shares of the pharmaceutical company’s stock valued at $536,000 after acquiring an additional 176 shares during the last quarter. Stephens Inc. AR raised its position in Vertex Pharmaceuticals by 2.3% during the second quarter. Stephens Inc. AR now owns 3,392 shares of the pharmaceutical company’s stock valued at $1,510,000 after purchasing an additional 77 shares in the last quarter. Finally, Drive Wealth Management LLC lifted its stake in Vertex Pharmaceuticals by 16.4% during the second quarter. Drive Wealth Management LLC now owns 1,249 shares of the pharmaceutical company’s stock worth $556,000 after purchasing an additional 176 shares during the last quarter. 90.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VRTX has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their target price on Vertex Pharmaceuticals from $411.00 to $441.00 and gave the stock a “hold” rating in a research report on Tuesday. Stifel Nicolaus boosted their price objective on shares of Vertex Pharmaceuticals from $445.00 to $466.00 and gave the stock a “hold” rating in a report on Friday. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $577.00 price objective on shares of Vertex Pharmaceuticals in a research note on Friday. Morgan Stanley reaffirmed an “overweight” rating and set a $570.00 target price on shares of Vertex Pharmaceuticals in a report on Friday. Finally, Wells Fargo & Company boosted their price target on shares of Vertex Pharmaceuticals from $460.00 to $515.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 10th. Twenty-two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $542.00.

Insider Buying and Selling at Vertex Pharmaceuticals

In other news, EVP Jonathan Biller sold 1,925 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $460.43, for a total value of $886,327.75. Following the sale, the executive vice president directly owned 20,819 shares of the company’s stock, valued at $9,585,692.17. This represents a 8.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles F. Wagner, Jr. sold 14,000 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $456.00, for a total transaction of $6,384,000.00. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 99,352 shares of company stock valued at $45,037,314. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Price Performance

NASDAQ VRTX opened at $477.32 on Wednesday. Vertex Pharmaceuticals Incorporated has a 1 year low of $362.50 and a 1 year high of $519.68. The stock has a market capitalization of $121.11 billion, a PE ratio of 31.14 and a beta of 0.30. The business’s 50-day moving average is $461.78 and its 200 day moving average is $427.53.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Thursday, February 12th. The pharmaceutical company reported $5.03 EPS for the quarter, missing analysts’ consensus estimates of $5.05 by ($0.02). Vertex Pharmaceuticals had a net margin of 32.94% and a return on equity of 24.30%. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the prior year, the company earned $3.98 EPS. Vertex Pharmaceuticals’s revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Vertex Pharmaceuticals Incorporated will post 15.63 earnings per share for the current 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.