Allstate Corp Takes Position in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Allstate Corp purchased a new stake in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) during the 4th quarter, Holdings Channel reports. The fund purchased 7,615 shares of the pharmaceutical company’s stock, valued at approximately $3,067,000.

A number of other large investors also recently made changes to their positions in the business. Brown Brothers Harriman & Co. increased its position in Vertex Pharmaceuticals by 14.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 2,842 shares of the pharmaceutical company’s stock worth $1,144,000 after purchasing an additional 364 shares during the last quarter. DnB Asset Management AS raised its holdings in shares of Vertex Pharmaceuticals by 10.6% during the 4th quarter. DnB Asset Management AS now owns 200,942 shares of the pharmaceutical company’s stock valued at $80,919,000 after purchasing an additional 19,289 shares in the last quarter. Level Four Advisory Services LLC raised its holdings in shares of Vertex Pharmaceuticals by 6.2% during the 4th quarter. Level Four Advisory Services LLC now owns 7,467 shares of the pharmaceutical company’s stock valued at $3,007,000 after purchasing an additional 434 shares in the last quarter. denkapparat Operations GmbH acquired a new stake in shares of Vertex Pharmaceuticals in the fourth quarter worth about $399,000. Finally, Orion Portfolio Solutions LLC increased its holdings in shares of Vertex Pharmaceuticals by 1.7% during the 4th quarter. Orion Portfolio Solutions LLC now owns 8,963 shares of the pharmaceutical company’s stock valued at $3,609,000 after acquiring an additional 154 shares during the last quarter. Institutional investors and hedge funds own 90.96% of the company’s stock.

Vertex Pharmaceuticals Price Performance

Shares of VRTX stock opened at $492.69 on Friday. The firm has a market capitalization of $126.52 billion, a price-to-earnings ratio of -223.95, a PEG ratio of 2.11 and a beta of 0.41. The company has a current ratio of 2.69, a quick ratio of 2.35 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average is $476.45 and its 200-day moving average is $463.71. Vertex Pharmaceuticals Incorporated has a 1 year low of $377.85 and a 1 year high of $519.88.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings results on Monday, February 10th. The pharmaceutical company reported $3.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.99 by ($0.45). Vertex Pharmaceuticals had a negative net margin of 4.86% and a negative return on equity of 2.02%. Sell-side analysts forecast that Vertex Pharmaceuticals Incorporated will post 15.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on VRTX. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $480.00 price objective on shares of Vertex Pharmaceuticals in a report on Tuesday, February 11th. Royal Bank of Canada lifted their price objective on Vertex Pharmaceuticals from $407.00 to $408.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 20th. Bank of America lowered their target price on Vertex Pharmaceuticals from $545.00 to $522.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Morgan Stanley upped their price target on Vertex Pharmaceuticals from $450.00 to $459.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 11th. Finally, StockNews.com upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Tuesday, March 11th. Ten research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $506.70.

Insider Buying and Selling at Vertex Pharmaceuticals

In related news, EVP David Altshuler sold 3,231 shares of Vertex Pharmaceuticals stock in a transaction that occurred on Monday, March 10th. The shares were 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 owns 26,512 shares of the company’s stock, valued at $13,256,000. This trade represents a 10.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ourania Tatsis sold 244 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $455.06, for a total transaction of $111,034.64. Following the completion of the sale, the executive vice president now directly owns 67,695 shares of the company’s stock, valued at $30,805,286.70. The trade was a 0.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,315 shares of company stock valued at $2,121,012. 0.20% of the stock is currently owned by 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.