Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC cut its position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 32.3% during the third quarter, Holdings Channel reports. The firm owned 51,099 shares of the pharmaceutical company’s stock after selling 24,365 shares during the period. ARK Investment Management LLC’s holdings in Vertex Pharmaceuticals were worth $23,765,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new position in Vertex Pharmaceuticals during the 3rd quarter worth approximately $25,000. Highline Wealth Partners LLC acquired a new stake in shares of Vertex Pharmaceuticals in the third quarter worth $27,000. GHP Investment Advisors Inc. purchased a new position in shares of Vertex Pharmaceuticals during the second quarter worth $29,000. Stephens Consulting LLC acquired a new position in Vertex Pharmaceuticals during the second quarter valued at $31,000. Finally, Founders Capital Management boosted its holdings in Vertex Pharmaceuticals by 50.0% in the second quarter. Founders Capital Management now owns 75 shares of the pharmaceutical company’s stock valued at $35,000 after purchasing an additional 25 shares during the last quarter. 90.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VRTX has been the topic of several analyst reports. Morgan Stanley raised their target price on Vertex Pharmaceuticals from $473.00 to $476.00 and gave the stock an “equal weight” rating in a report on Tuesday. Barclays lowered Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $472.00 to $509.00 in a research note on Monday, August 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $480.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday. Piper Sandler increased their target price on Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, Oppenheimer cut their price target on shares of Vertex Pharmaceuticals from $550.00 to $540.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $495.96.

Vertex Pharmaceuticals Stock Performance

NASDAQ VRTX opened at $502.45 on Friday. The company has a quick ratio of 2.26, a current ratio of 2.47 and a debt-to-equity ratio of 0.01. The firm’s 50-day moving average is $474.81 and its two-hundred day moving average is $466.95. Vertex Pharmaceuticals Incorporated has a 12 month low of $341.90 and a 12 month high of $510.64.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.61 by $0.77. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the previous year, the company earned $3.67 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, research analysts anticipate that Vertex Pharmaceuticals Incorporated will post -2.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Vertex Pharmaceuticals news, Chairman Jeffrey M. Leiden sold 3,784 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the sale, the chairman now directly owns 9,994 shares in the company, valued at $4,987,006. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Jeffrey M. Leiden sold 3,784 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $499.00, for a total transaction of $1,888,216.00. Following the completion of the transaction, the chairman now directly owns 9,994 shares of the company’s stock, valued at approximately $4,987,006. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sangeeta N. Bhatia sold 646 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $500.00, for a total transaction of $323,000.00. Following the completion of the sale, the director now directly owns 4,435 shares in the company, valued at approximately $2,217,500. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

About Vertex Pharmaceuticals

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.