Summit Global Investments Sells 1,407 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Summit Global Investments cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 28.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,570 shares of the pharmaceutical company’s stock after selling 1,407 shares during the quarter. Summit Global Investments’ holdings in Vertex Pharmaceuticals were worth $1,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of VRTX. Brown Lisle Cummings Inc. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $30,000. Mascagni Wealth Management Inc. bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $31,000. Golden State Wealth Management LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $37,000. Truvestments Capital LLC grew its stake in shares of Vertex Pharmaceuticals by 30.3% in the fourth quarter. Truvestments Capital LLC now owns 99 shares of the pharmaceutical company’s stock worth $40,000 after purchasing an additional 23 shares during the last quarter. Finally, Mpwm Advisory Solutions LLC bought a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $40,000. 90.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. BMO Capital Markets set a $545.00 target price on Vertex Pharmaceuticals in a research note on Friday, January 31st. Wells Fargo & Company cut Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and set a $460.00 price objective on the stock. in a research report on Thursday, January 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. William Blair reaffirmed an “outperform” rating on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Finally, Leerink Partnrs cut Vertex Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 6th. Fourteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $515.04.

Vertex Pharmaceuticals Price Performance

VRTX stock opened at $447.09 on Friday. Vertex Pharmaceuticals Incorporated has a 52-week low of $377.85 and a 52-week high of $519.88. The firm has a market capitalization of $114.81 billion, a price-to-earnings ratio of -203.22, a PEG ratio of 2.11 and a beta of 0.51. The firm has a 50 day moving average price of $470.99 and a 200-day moving average price of $461.47. 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 (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.23). Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same quarter in the previous year, the firm earned $4.76 earnings per share. Vertex Pharmaceuticals’s revenue was up 2.6% on a year-over-year basis. Equities research analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP David Altshuler sold 3,231 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $500.00, for a total value of $1,615,500.00. Following the completion of the transaction, the executive vice president now directly owns 26,512 shares in the company, valued at $13,256,000. The trade was a 10.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

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.