Perennial Investment Advisors LLC Lowers Stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Perennial Investment Advisors LLC lessened its stake in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 31.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 449 shares of the pharmaceutical company’s stock after selling 202 shares during the period. Perennial Investment Advisors LLC’s holdings in Vertex Pharmaceuticals were worth $210,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VRTX. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of Vertex Pharmaceuticals during the fourth quarter valued at approximately $25,000. GHP Investment Advisors Inc. purchased a new position in Vertex Pharmaceuticals during the 2nd quarter worth $29,000. Annapolis Financial Services LLC bought a new stake in Vertex Pharmaceuticals during the 1st quarter valued at $27,000. Stephens Consulting LLC purchased a new stake in shares of Vertex Pharmaceuticals in the 2nd quarter worth $31,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of Vertex Pharmaceuticals during the 4th quarter worth $28,000. Institutional investors own 90.96% of the company’s stock.

Wall Street Analyst Weigh In

VRTX has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on shares of Vertex Pharmaceuticals from $505.00 to $510.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Canaccord Genuity Group upped their price target on shares of Vertex Pharmaceuticals from $371.00 to $376.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Truist Financial reissued a “buy” rating and set a $550.00 price objective (up from $508.00) on shares of Vertex Pharmaceuticals in a report on Monday, August 5th. BMO Capital Markets boosted their price objective on shares of Vertex Pharmaceuticals from $480.00 to $500.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Finally, Morgan Stanley increased their target price on Vertex Pharmaceuticals from $402.00 to $455.00 and gave the company an “equal weight” rating in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Vertex Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $485.91.

Vertex Pharmaceuticals Price Performance

Shares of VRTX opened at $481.26 on Wednesday. The company has a market cap of $124.19 billion, a P/E ratio of 31.23 and a beta of 0.40. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 0.02. Vertex Pharmaceuticals Incorporated has a fifty-two week low of $341.85 and a fifty-two week high of $510.64. The firm’s 50 day moving average price is $483.77 and its 200 day moving average price is $451.24.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings results on Thursday, August 1st. The pharmaceutical company reported ($12.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($12.54) by ($0.29). Vertex Pharmaceuticals had a negative return on equity of 2.45% and a negative net margin of 4.74%. The business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period last year, the firm earned $3.53 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts forecast that Vertex Pharmaceuticals Incorporated will post -2.14 earnings per share for the current fiscal year.

Insider Transactions at Vertex Pharmaceuticals

In related news, CMO Carmen Bozic sold 2,280 shares of Vertex Pharmaceuticals stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $471.72, for a total transaction of $1,075,521.60. Following the completion of the transaction, the chief marketing officer now directly owns 30,099 shares of the company’s stock, valued at $14,198,300.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CMO Carmen Bozic sold 2,280 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $471.72, for a total transaction of $1,075,521.60. Following the transaction, the chief marketing officer now owns 30,099 shares of the company’s stock, valued at $14,198,300.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the transaction, the director now directly owns 4,435 shares of the company’s stock, valued at approximately $2,217,500. The disclosure for this sale can be found here. Insiders have sold a total of 34,047 shares of company stock worth $16,843,806 over the last ninety days. 0.20% of the stock is currently 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.