Valley Wealth Managers Inc. Sells 1,006 Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)

Valley Wealth Managers Inc. lowered its holdings in shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) by 2.0% in the third quarter, HoldingsChannel reports. The firm owned 50,474 shares of the pharmaceutical company’s stock after selling 1,006 shares during the period. Vertex Pharmaceuticals makes up 1.7% of Valley Wealth Managers Inc.’s portfolio, making the stock its 11th largest position. Valley Wealth Managers Inc.’s holdings in Vertex Pharmaceuticals were worth $23,474,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new stake in Vertex Pharmaceuticals during the third quarter worth approximately $25,000. Highline Wealth Partners LLC acquired a new stake in shares of Vertex Pharmaceuticals in the third quarter valued at approximately $27,000. GHP Investment Advisors Inc. acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $29,000. Stephens Consulting LLC acquired a new stake in shares of Vertex Pharmaceuticals in the second quarter valued at approximately $31,000. Finally, Founders Capital Management raised its position in shares of 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 buying an additional 25 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.

Insider Activity

In related news, Chairman Jeffrey M. Leiden sold 3,784 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $499.00, for a total value of $1,888,216.00. Following the sale, the chairman now owns 9,994 shares in the company, valued at $4,987,006. This represents a 27.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sangeeta N. Bhatia sold 646 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was 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 owns 4,435 shares in the company, valued at $2,217,500. This represents a 12.71 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

Vertex Pharmaceuticals Trading Down 3.1 %

VRTX stock traded down $15.06 during midday trading on Friday, hitting $468.90. The stock had a trading volume of 182,816 shares, compared to its average volume of 1,168,481. The firm has a market cap of $120.76 billion, a P/E ratio of -235.63 and a beta of 0.39. The company has a current ratio of 2.47, a quick ratio of 2.20 and a debt-to-equity ratio of 0.01. Vertex Pharmaceuticals Incorporated has a 1-year low of $341.90 and a 1-year high of $519.88. The business has a fifty day moving average price of $476.44 and a two-hundred day moving average price of $470.57.

Vertex Pharmaceuticals (NASDAQ:VRTX) last released its earnings results on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.61 by $0.77. Vertex Pharmaceuticals had a negative net margin of 4.52% and a negative return on equity of 1.91%. The business 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 business earned $3.67 earnings per share. Vertex Pharmaceuticals’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Vertex Pharmaceuticals Incorporated will post -1.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Piper Sandler lifted their price target on shares of Vertex Pharmaceuticals from $500.00 to $535.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. UBS Group boosted their price objective on shares of Vertex Pharmaceuticals from $562.00 to $586.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Vertex Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Barclays downgraded shares of Vertex Pharmaceuticals from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $472.00 to $509.00 in a research report on Monday, August 5th. Finally, Guggenheim boosted their price objective on shares of Vertex Pharmaceuticals from $450.00 to $558.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $499.12.

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.