Welch & Forbes LLC Sells 2,148 Shares of Vertex Pharmaceuticals Incorporated $VRTX

Welch & Forbes LLC cut its holdings in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 218,198 shares of the pharmaceutical company’s stock after selling 2,148 shares during the quarter. Vertex Pharmaceuticals comprises 1.2% of Welch & Forbes LLC’s portfolio, making the stock its 23rd largest position. Welch & Forbes LLC’s holdings in Vertex Pharmaceuticals were worth $98,922,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gulf International Bank UK Ltd raised its holdings in Vertex Pharmaceuticals by 0.3% in the fourth quarter. Gulf International Bank UK Ltd now owns 12,916 shares of the pharmaceutical company’s stock worth $5,856,000 after purchasing an additional 37 shares during the period. Impact Partnership Wealth LLC acquired a new stake in Vertex Pharmaceuticals in the fourth quarter worth $218,000. Norges Bank acquired a new stake in Vertex Pharmaceuticals in the fourth quarter worth $1,440,149,000. Eurizon SLJ Capital Ltd acquired a new stake in Vertex Pharmaceuticals in the fourth quarter worth $10,951,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Vertex Pharmaceuticals in the fourth quarter worth $35,086,000. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Stock Down 0.1%

Shares of NASDAQ:VRTX opened at $447.54 on Friday. Vertex Pharmaceuticals Incorporated has a 12 month low of $362.50 and a 12 month high of $507.92. The company’s fifty day simple moving average is $439.06 and its 200 day simple moving average is $451.64. The firm has a market cap of $113.59 billion, a price-to-earnings ratio of 26.54, a PEG ratio of 1.92 and a beta of 0.30.

Vertex Pharmaceuticals (NASDAQ:VRTX) last issued its quarterly earnings data on Monday, May 4th. The pharmaceutical company reported $4.47 EPS for the quarter, topping analysts’ consensus estimates of $4.24 by $0.23. Vertex Pharmaceuticals had a net margin of 35.51% and a return on equity of 23.86%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period last year, the business posted $4.06 earnings per share. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. Research analysts expect that Vertex Pharmaceuticals Incorporated will post 16.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Carmen Bozic sold 6,988 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $450.00, for a total transaction of $3,144,600.00. Following the sale, the chief marketing officer directly owned 26,088 shares in the company, valued at $11,739,600. This trade represents a 21.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sangeeta N. Bhatia sold 318 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $423.73, for a total transaction of $134,746.14. Following the sale, the director owned 4,924 shares in the company, valued at approximately $2,086,446.52. The trade was a 6.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,717 shares of company stock worth $5,309,945 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on VRTX. Citigroup increased their target price on shares of Vertex Pharmaceuticals from $575.00 to $585.00 and gave the stock a “buy” rating in a report on Tuesday, March 10th. Bank of America increased their target price on shares of Vertex Pharmaceuticals from $571.00 to $598.00 and gave the stock a “buy” rating in a report on Tuesday, March 10th. Maxim Group upgraded shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and set a $575.00 target price on the stock in a report on Wednesday, March 18th. Wall Street Zen lowered shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Barclays increased their target price on shares of Vertex Pharmaceuticals from $607.00 to $615.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Twenty-two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Vertex Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $555.91.

About Vertex Pharmaceuticals

Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex’s marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.