Independence Bank of Kentucky Sells 275 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Independence Bank of Kentucky reduced its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 34.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 529 shares of the pharmaceutical company’s stock after selling 275 shares during the quarter. Independence Bank of Kentucky’s holdings in Vertex Pharmaceuticals were worth $256,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth $1,374,948,000. GAMMA Investing LLC raised its stake in Vertex Pharmaceuticals by 60,572.3% in the 1st quarter. GAMMA Investing LLC now owns 2,425,070 shares of the pharmaceutical company’s stock valued at $1,175,722,000 after acquiring an additional 2,421,073 shares during the period. Parnassus Investments LLC purchased a new stake in Vertex Pharmaceuticals during the fourth quarter valued at about $731,283,000. Capital World Investors boosted its position in Vertex Pharmaceuticals by 5.7% during the fourth quarter. Capital World Investors now owns 28,325,695 shares of the pharmaceutical company’s stock worth $11,406,667,000 after purchasing an additional 1,514,993 shares during the period. Finally, Capital Research Global Investors increased its stake in shares of Vertex Pharmaceuticals by 15.8% in the fourth quarter. Capital Research Global Investors now owns 10,428,951 shares of the pharmaceutical company’s stock worth $4,199,713,000 after purchasing an additional 1,426,746 shares in the last quarter. 90.96% of the stock is currently owned by institutional investors.

Insider Transactions at Vertex Pharmaceuticals

In related news, EVP David Altshuler sold 3,231 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $500.00, for a total transaction of $1,615,500.00. Following the transaction, the executive vice president now directly owns 26,512 shares of the company’s stock, valued at approximately $13,256,000. This trade represents a 10.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Price Performance

VRTX stock opened at $450.50 on Friday. The firm has a 50 day simple moving average of $465.01 and a two-hundred day simple moving average of $460.33. The stock has a market cap of $115.69 billion, a PE ratio of -204.77, a P/E/G ratio of 2.11 and a beta of 0.41. Vertex Pharmaceuticals Incorporated has a one year low of $377.85 and a one year high of $519.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.69 and a quick ratio of 2.35.

Vertex Pharmaceuticals (NASDAQ:VRTX) last posted its quarterly earnings data on Monday, May 5th. The pharmaceutical company reported $4.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.23). The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.85 billion. Vertex Pharmaceuticals had a negative return on equity of 2.02% and a negative net margin of 4.86%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.76 earnings per share. On average, analysts predict that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on VRTX. Wall Street Zen upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Truist Financial boosted their target price on shares of Vertex Pharmaceuticals from $460.00 to $520.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. HC Wainwright restated a “buy” rating and set a $550.00 target price on shares of Vertex Pharmaceuticals in a research report on Tuesday, February 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $535.00 price target on shares of Vertex Pharmaceuticals in a research report on Tuesday, May 6th. Finally, Morgan Stanley boosted their price objective on Vertex Pharmaceuticals from $462.00 to $464.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 6th. Fourteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $515.04.

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.